Animoca Brands Suspends Currenc Merger as Public Listing Plans Continue
Animoca Brands and Nasdaq-listed Currenc Group have suspended discussions over a proposed reverse merger, putting the planned transaction on hold while Animoca continues pursuing a return to public markets through another route.
The companies said the timetable for completing the transaction no longer aligned with their short- and medium-term business objectives. Their decision followed a review of expected completion schedules, changing market conditions and the strategic requirements of both businesses.
Animoca co-founder and executive chairman Yat Siu said the company must maintain corporate agility rather than prioritize completion of the Currenc transaction.
Despite the suspension, According to the announcement, Siu confirmed that Animoca remains committed to obtaining a listing on a major public exchange through a suitable alternative structure.
Animoca Continues Public Listing Efforts
Animoca and Currenc formally announced their proposed reverse merger in November 2025 through an Australian scheme of arrangement.
Under the proposed transaction, Currenc would have acquired Animoca and combined the two businesses into a single publicly traded company. Animoca shareholders were expected to receive approximately 95% of the combined entity, reflecting Animoca's larger valuation and international business operations.
The suspension means that structure will not proceed on its previously contemplated timeline. Animoca, however, continues to evaluate other ways to achieve a public listing.
The company previously traded on the Australian Securities Exchange before being removed from the official list in 2020. Its delisting followed concerns related to cryptocurrency activities and compliance issues involving outstanding financial reports.
Audits Remain Part of Animoca's Listing Strategy
Animoca has spent recent years addressing its reporting backlog and strengthening the financial disclosures needed to support a future public-market listing.
In 2022, the Australian Securities and Investments Commission convicted and fined the company for failing to lodge required reports. The outstanding filings included annual reports covering 2019 through 2021, along with several half-year financial statements.
As part of its efforts to address those issues, Animoca published its audited fiscal 2023 annual report in July 2026.
Management is also preparing audited fiscal 2024 financial statements. Those filings could support future applications to exchanges or alternative arrangements for accessing public markets.
The work on financial reporting therefore remains relevant to Animoca's broader listing plans even after the proposed Currenc transaction has been suspended.
Currenc Maintains Its Tokenization Focus
Currenc is based in Singapore and provides financial technology services involving artificial intelligence and tokenization infrastructure.
The company's business strategy includes the development of tokenization-related infrastructure, but its activities remain separate from the suspended combination with Animoca.
For Animoca, the end of the current merger discussions does not represent a decision to abandon its public-market ambitions. Instead, the company plans to consider alternative listing structures while continuing its audit work and assessing conditions in global capital markets.
Writer: Marcus RenfieldCrypto Market Analyst & Onchain WriterMarcus Renfield covers cryptocurrency markets with a focus on onchain data, Bitcoin price action, and emerging market narratives. His writing examines how capital flows, network activity, and broader market structure influence short- and medium-term trends.He aims to provide clear, data-informed analysis for readers seeking a deeper understanding of crypto market dynamics.