Animoca Brands bets on altcoins as it eyes Nasdaq reverse merger
Animoca Brands plans to go public next year via a reverse merger and aims to position itself as an entry point for investors seeking diversified exposure to altcoins and broader crypto projects, according to founder Yat Siu.
Siu said on Wednesday that, in aggregate, altcoins are likely to outperform Bitcoin (BTC) over the broader market cycle. He compared Bitcoin to gold, noting that while no single company exceeds gold’s market capitalization, the combined value of public companies is “roughly five to six times” that of gold and can fluctuate collectively as a group.
Siu added that Animoca does not participate in crypto solely to hold Bitcoin as a reserve asset, emphasizing the role of altcoins across Web3 applications, including gaming, gas fees, decentralized finance (DeFi), and decentralized physical infrastructure networks (DePIN).
Animoca seeks crypto counterparts to early Amazon and Google
Siu said that many core industry applications are issued as altcoins under a traditional definition, and even memecoins fall within the category.
Animoca Brands is eyeing a diversified altcoin treasury strategy. Source: Animoca Brands
He likened Animoca’s approach to the opportunity investors had in the early 2000s to gain diversified exposure to leading internet firms such as Amazon, Google, eBay, and Alibaba. Siu said he does not expect a single “winner-takes-all” outcome among altcoin projects, contrasting it with certain dynamics seen in the early internet era.
Targeting exposure to potential crypto winners
Siu said Animoca’s portfolio is designed to be broad enough to capture a portion of future market leaders.
The company’s investments are predominantly in gaming, accounting for 230 of 628 portfolio companies, with growing allocations to infrastructure, artificial intelligence, and DeFi. Siu added that Animoca can access altcoins at earlier and lower entry points than outside investors and aims to pass that benefit on to shareholders.
The company is planning a Nasdaq listing next year through a reverse merger with AI-focused public fintech firm Currenc Group.
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