According to Fortune, Animoca Brands is planning a Nasdaq listing through a reverse merger with Singapore’s Currenc Group, with the deal expected to finalize in 2026. The Hong Kong-based blockchain investor, which has backed over 600 blockchain companies including the failed Sandbox metaverse platform, will see its shareholders own 95% of the combined entity. This marks Animoca’s return to public markets after being delisted from the Australian Securities Exchange in 2020 over compliance concerns. The company is positioning itself as the “world’s first publicly-listed, diversified digital assets conglomerate,” according to co-founder Yat Siu. This move comes at a challenging time for altcoins, with the market falling $800 billion short of historical cycle predictions.
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The Big Altcoin Gamble
Here’s what makes this listing different: Animoca isn’t another crypto exchange or stablecoin issuer. They’re going all-in on altcoins—everything except Bitcoin and Ethereum. Basically, they’re betting that Wall Street will eventually embrace the wilder, more speculative side of crypto. And they’ve placed over 600 bets across the ecosystem to prove it.
But here’s the thing—this is happening while altcoins are having a pretty rough moment. The entire category is underperforming by hundreds of billions compared to where experts thought we’d be. Retail investors in places like South Korea are actually fleeing to crypto-linked stocks instead of the tokens themselves. So why list now? Maybe they’re betting on a turnaround, or maybe they need to provide liquidity for their extensive investment portfolio.
The Reverse Merger Playbook
Animoca is following a path that’s becoming increasingly popular in crypto. Reverse mergers and SPACs have become the go-to backdoor to public markets for companies that might struggle with traditional IPOs. We’ve seen this play out before—Circle tried the SPAC route in 2022 before their deal collapsed. More recently, Securitize announced their own SPAC plans, and even the Trump-backed American Bitcoin company went public through a reverse merger.
The question is whether this trend represents smart strategy or desperation. Traditional IPOs require intense scrutiny and regulatory compliance that many crypto companies can’t—or won’t—meet. Reverse mergers offer a faster path, but they also come with baggage. Remember, Animoca already failed at being a public company once before in Australia. Will the second time be the charm?
Terrible Timing or Perfect Setup?
Looking at the official merger announcement, the 2026 timeline is interesting. That’s far enough out that they’re probably betting the current altcoin winter will have thawed. And to be fair, not every altcoin is struggling—Solana and Binance Coin both hit all-time highs recently despite the broader downturn.
But I can’t help wondering if this is more about cashing out than building value. With 600+ investments, many of which are likely illiquid, going public creates an exit path that doesn’t exist in private markets. The 95% ownership stake for Animoca shareholders suggests they’re not diluting much, which could mean they’re keeping their options open. Either way, this will be one of the most watched listings in crypto history—a true test of whether mainstream investors will ever embrace the altcoin space.
