Core Insights - The "strategic national digital assets stockpile" established by the Trump administration is likely facing unrealized losses due to lack of transparency and accountability [1][2] - The U.S. government has not provided a full accounting of its cryptocurrency holdings, which include the Strategic Bitcoin Reserve and the Digital Asset Stockpile [2][3] - The estimated value of U.S. cryptocurrency holdings is approximately $27 billion, but the exact amount of Bitcoin held is disputed among data providers [3][4] Cryptocurrency Holdings - The U.S. government reportedly holds between 325,000 and 326,000 Bitcoin according to some sources, while others estimate it at only 198,012 Bitcoin [4] - Most tokens in these reserves are acquired through criminal seizures, civil forfeitures, and major bankruptcy liquidations [2] Performance of Digital Assets - The median return for a basket of altcoins, including Ethereum, XRP, Solana, and Cardano, since April 5 is –4.5% [5] - When considering a broader list of assets under U.S. custody, excluding stablecoins and Bitcoin, the median return drops to –10%, heavily influenced by poor performance of metaverse and AI-focused tokens [6] Transparency Issues - There is a significant transparency gap regarding the Digital Asset Stockpile, which lacks public disclosures, an official registry, and a reporting portal for taxpayers [9] - Despite the focus on the Strategic Bitcoin Reserve, only Bitcoin has entered the federal reserve program, raising questions about the management of other digital assets [7]

Core Viewpoint - Animoca Brands Corporation Limited, a Hong Kong-based Web3 unicorn, has signed a merger agreement with SPAC Currenc Group Inc. to go public on NASDAQ through a reverse merger, with Animoca shareholders expected to hold approximately 95% of the combined entity's equity [2][3]. Group 1: Merger Details - The merger is anticipated to be completed in 2026, subject to shareholder and regulatory approvals, along with other customary closing conditions [3]. - Currenc Group will establish a dual-class share structure for the transaction, and the board of the new company will consist of members nominated by both parties [2][3]. Group 2: Company Overview - Animoca Brands is recognized as a leader in the digital asset space, focusing on blockchain and tokenized assets to drive Web3 innovation [3]. - The company has received numerous accolades, including being listed in Fortune's top 40 cryptocurrency companies and Deloitte's Technology Fast 50 [3]. - Animoca Brands operates platforms such as Moca Network, Open Campus, and The Sandbox, and has a portfolio that includes over 600 companies and alternative token assets [3]. Group 3: Currenc Group Financials - As of November 3, 2025, Currenc Group's stock price was $2.37, with a market capitalization of approximately $180 million [4]. - The stock has experienced significant volatility, with a 52-week high of $7.08 and a low of $0.33, reflecting a decline of 62.26% from a starting price of $6.28 [6][7].

Core Insights - The crypto markets experienced significant volatility following the October 10 flash crash, but the overall ecosystem has not faced the same level of disaster as in previous instances [1] - Animoca Brands, a leading investment firm in Web3, is planning a U.S. IPO in 2025, marking a strategic shift from its previous focus on mobile gaming [2][3] Company Overview - Animoca Brands has a diverse portfolio that includes major firms like Axie Infinity, Polygon, Kraken, and The Sandbox, reflecting its strong position in the Web3 space [2] - The company transitioned from being publicly listed on the Australian Securities Exchange (ASX) to focusing on Web3, leading to its delisting in 2020 [2][3] IPO Plans - The company aims to relist in the U.S. as market conditions have become favorable, particularly due to a softening regulatory stance in the U.S. that influences global jurisdictions [3] - Animoca Brands has retained a base of retail and institutional investors from its previous public exposure, which is advantageous for its upcoming IPO [3] Market Conditions - The digital asset space is experiencing heightened interest, driven by a pro-crypto approach in the U.S. and increased institutional adoption [4][6] - Despite a significant market wipeout of approximately $19 billion, the crypto market's mature structure and risk management systems have helped it endure the recent flash crash [5][6] Investment Focus - Web3 gaming constitutes about 25% of Animoca's investment portfolio, highlighting its commitment to this rapidly growing segment [5] - The company is positioned as a leader in the altcoin space, capitalizing on the ongoing advancements in the digital asset industry [4]

EXCLUSIVE: Yat Siu Explains The Sandbox Saga #CHAINREACTION https://t.co/zUw0yZU3Wt ...