Altcoin giant Animoca Brands aims to go public next year, listing will test investor appetite for exotic crypto assets

Core Insights - Animoca Brands, a Hong Kong-based blockchain developer, plans to go public on Nasdaq through a reverse merger with Singapore-based fintech company Currenc [1][2] - This listing is significant as Animoca focuses on altcoins rather than exchanges or stablecoins, distinguishing it from other recent crypto offerings [2] - The merger will create the world's first publicly-listed diversified digital assets conglomerate, with Animoca shareholders owning 95% of the new entity [3] Company Overview - Animoca Brands has invested in over 600 blockchain companies, with notable past investments including the failed metaverse platform Sandbox [2] - The company has prior experience in public markets, having been listed on the Australian Securities Exchange before being delisted in 2020 due to compliance issues [6] Market Context - The reverse merger aligns with a trend where crypto companies prefer SPACs or reverse mergers to enter the stock market [4] - The altcoin market is currently facing challenges, having fallen $800 billion short of historical cycles, while retail investors in South Korea are turning to crypto-linked equities [6] - Despite the downturn, certain altcoins like Solana and Binance Coin have reached all-time highs in the past year [7]