Animoca Brands delays IPO plans, suspends merger talks with Currenc
Animoca Brands and Currenc Group have paused discussions on a proposed reverse merger that would have taken the digital-asset investor public on Nasdaq. The companies said the timeline to complete the deal did not match their respective objectives, and Animoca reiterated its intention to seek a public listing through other avenues.
Why It Matters
A completed merger would have given Animoca a dominant 95% stake in the combined entity and provided a fast route to a U.S. exchange listing, so the suspension affects both firms' near-term listing strategies and market plans. The decision also reflects continued uncertainty around how crypto-focused companies pursue public-market access.
Key Facts
- Deal type: Proposed reverse merger to list on Nasdaq
- Ownership split proposed: Animoca would have held a 95% stake in the merged company
- Timing of talks: Discussions began late last year
- Reason for suspension: Timelines to finalise the transaction were incompatible with each company's goals
- Animoca statement: Said it remains committed to listing on a major public exchange and will pursue optimal routes
Animoca Brands and Currenc Group have suspended negotiations over a proposed reverse merger that would have listed the Hong Kong-based digital-asset investor on the Nasdaq. The firms said on Tuesday that the intended timeframe to close the transaction did not align with their respective objectives, prompting a pause in talks. The merger, which began being discussed late last year, had envisaged Animoca owning 95% of the combined company. Animoca stated it still intends to pursue a listing on a major public exchange and will explore other routes to achieve that goal, a position reiterated by co-founder Yat Siu. Animoca’s business spans decentralized finance, artificial intelligence, non-fungible tokens and gaming, and the company has increasingly derived revenue from advisory services in recent years. The suspension leaves open how and when Animoca will secure public-market access, and whether other transaction structures will be pursued. Market reaction to the announcement was muted: Currenc’s shares closed at $3.23 on Monday, a 1.25% gain for the day, then slipped about 0.93% in after-hours trading following the news.
Keep Reading
Live updates: Oil falls as Iran signals possible Hormuz reopening, bitcoin holds near $86,000
