Animoca’s Billion-Dollar Nasdaq Play Could Open Crypto to Wall Street

Animoca Brands Corporation Limited has entered into a non-binding term sheet with Nasdaq-listed Currenc Group Inc. on November 3, 2025.

The agreement outlines a potential acquisition where Currenc would acquire 100% of Animoca Brands’ issued shares through an Australian scheme of arrangement.

Under the proposed structure, all Animoca Brands shares would be exchanged for newly issued Currenc shares.

The transaction remains conditional and non-binding, with both parties required to complete due diligence and obtain board approval before proceeding to definitive documentation.

If implemented, Animoca Brands shareholders would collectively own 95% of Currenc’s issued shares, subject to final agreement on convertible instrument treatment.

The remaining 5% would be held by existing Currenc shareholders.

Animoca Brands has filed for a U.S. listing via a proposed reverse merger with Singapore’s Currenc Group on Nasdaq, targeting a valuation of around $1 billion. Animoca reported revenue of $165 million in 2024 with significant contribution from its digital asset advisory and…

— Wu Blockchain (@WuBlockchain) November 3, 2025

Animoca’s Ownership Structure and Transaction Terms

Yat Siu, Animoca Brands’ Co-Founder and Executive Chairman, along with his controlled entities, would receive a newly created class of Currenc ordinary shares.

All other Animoca Brands shareholders would receive standard new Currenc ordinary shares for their holdings acquired under the scheme.

The Potential Transaction faces multiple conditions precedent requiring agreement between both parties.

These include approval by Currenc shareholders, approval by Animoca Brands shareholders, court approval in Australia, and other customary closing conditions.

Following implementation, Animoca Brands would become part of a combined group listed on Nasdaq. Currenc may undertake a corporate restructuring exercise before the transaction closes.

The Term Sheet may be terminated in certain circumstances. As no definitive agreement has been reached, no assurance exists that any transaction will be agreed upon or implemented.

Animoca’s Strategic Pivot and Financial Performance

Animoca Brands’ most recent year-end financial report, released in March 2025, revealed a significant strategic shift.

The company’s Digital Assets Advisory division generated $165 million in 2024, representing a 116% year-over-year increase.

This advisory unit provides web3 projects with token advisory, tokenomics, marketing, listing advisory, node operation, and trading services. The division has surpassed Animoca’s traditional revenue source from gaming and NFTs.

The company generated $110 million in bookings from web3 businesses, while $39 million came from investment gains and venture management fees.

This represents approximately 40% year-over-year drop from the $182 million reported previously.

Meanwhile, Animoca strengthened its balance sheet in 2024. The company held $293 million in cash and stablecoins, $538 million in digital assets, and $2.9 billion in off-balance-sheet token reserves.

Minority investments totaled $564 million across 540 companies. The figures reflect a 67% increase in cash reserves and a 165% rise in digital asset holdings compared to the previous period.

The number of portfolio investments increased from 450 to 540.

However, Animoca’s private investment holdings dropped 18%, falling from $690 million to $564 million due to token unlocks, equity exits, and asset write-downs.