Animoca Brands has suspended negotiations with Nasdaq-listed Currenc Group over a proposed reverse merger that would have taken the major web3 and AI start-up investor back to the public markets.
The companies said they had reached the decision by mutual agreement after reviewing the expected timetable for completing the transaction and “evolving market conditions”. Animoca said the time needed to finalise the deal no longer fitted its short- and medium-term objectives.
Yat Siu, Animoca’s co-founder and executive chairman, said the company had decided that “corporate agility must take precedence” over continuing with the merger process.
“As we advance the comprehensive audit processes required to meet the rigorous compliance standards of a major public exchange, we will continue to pursue optimal routes to a public listing,” Siu said in a statement issued on Tuesday.
Animoca said it remained “fully committed to relisting on a major public exchange”. It added that the two companies could revisit merger discussions “if and when conditions permit”.
The proposed transaction was first announced in November 2025. Under the plan, Currenc would have acquired Animoca through an Australian scheme of arrangement, with Animoca shareholders retaining a combined 95% stake in the resulting company, according to the announcement made last year.
Animoca’s route back to public markets
Animoca was previously listed on the Australian Securities Exchange, but was delisted in 2020 after scrutiny of its involvement in crypto-related activities.
The Australian Securities and Investments Commission convicted and fined Animoca in 2022 for failing to lodge its annual reports for 2019-2021, along with some half-year reports.
Since then, Animoca has been working to complete a backlog of audited financial statements. In July 2026, it published an audited report for fiscal 2023 as part of its efforts to return to the public market.
“The company is also actively progressing the preparation of its FY2024 audited financial statements,” Animoca said on Tuesday.
The company’s latest decision does not end its ambition to secure a public listing, but means its proposed route through Currenc is no longer moving forward for now.
Currenc Group Inc. is a Singapore-based fintech company focused on artificial intelligence and tokenization solutions. Earlier this month, it announced an agreement with Mint to bring Mint’s Nasdaq-listed shares onchain.
