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Animoca Brands and Nasdaq-listed Currenc Group have suspended talks on a proposed reverse merger that would have taken Animoca public. The companies said the time required to close the deal no longer matched their short- and medium-term goals after reviewing projected timelines and evolving market conditions. Animoca co-founder Yat Siu said corporate agility must take precedence.
Why it matters
The reverse merger, first announced in November 2025, would have had Currenc acquire Animoca through an Australian scheme of arrangement. Animoca shareholders would have held 95% of the combined company under the proposed structure.
The suspension does not end Animoca's public-listing ambition. The company said it remains committed to relisting on a major public exchange and may resume discussions with Currenc if conditions permit. It is also continuing the comprehensive audit work required to meet public-market compliance standards.
Market impact
The decision removes a defined route to a listing and extends uncertainty around the timing of Animoca's return to public markets. Animoca was delisted from the Australian Securities Exchange in 2020 after scrutiny of its crypto-related activities, and ASIC fined the company in 2022 over missing 2019-2021 annual and half-year reports.
Animoca published its audited fiscal 2023 report in July 2026 and said it is progressing its FY2024 audited financial statements. The audit timeline and the search for an alternative listing route are now the key milestones for investors tracking the company's public-market plans. Currenc remains focused on AI and tokenization solutions and recently agreed with Mint to bring Mint's Nasdaq-listed shares onchain.
Frequently asked questions
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Why did Animoca Brands suspend the Currenc merger talks?
The companies said the time required to close the transaction no longer matched their short- and medium-term goals after reviewing projected timelines and evolving market conditions.
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What ownership structure did the proposed reverse merger include?
The proposed Australian scheme of arrangement would have left Animoca shareholders with a collective 95% stake in the combined company.
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Is Animoca Brands abandoning its plan to return to public markets?
No. Animoca said it remains committed to relisting on a major public exchange and may resume discussions with Currenc if conditions permit.
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What compliance work is Animoca Brands still completing?
Animoca is continuing its audit process and said it is actively preparing its FY2024 audited financial statements after publishing its audited fiscal 2023 report.
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Why was Animoca Brands previously delisted from the ASX?
Animoca was delisted from the Australian Securities Exchange in 2020 after scrutiny of its crypto-related activities. ASIC later fined the company in 2022 over missing annual and half-year reports.
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