Animoca Brands Suspends Reverse Merger Talks with Currenc, Continues IPO Plans

Considering Market Conditions and Timeframe, Possibility of Future Talks Remains

Web3 company Animoca Brands has suspended discussions regarding a reverse merger with Nasdaq-listed Currenc Group by mutual agreement of both parties.

The two companies assessed the necessary timeframe for completing the transaction, changes in market conditions, and business priorities, concluding that they would not proceed with the merger at this time. Meanwhile, Animoca continues its efforts towards going public and is exploring other avenues for listing on major stock exchanges.

Suspension of Reverse Merger Announced for 2025, Prioritizing Corporate Agility

The reverse merger plan was first announced on November 3, 2025, with Currenc considering acquiring all shares of Animoca through Australian company restructuring procedures. The plan indicated that existing shareholders of Animoca would hold approximately 95% of the new company post-merger, while existing investors of Currenc would hold about 5%.

However, both companies decided to suspend discussions, stating that the time required to complete the transaction no longer aligned with their current short- and medium-term strategic goals. There remains a possibility of resuming talks if market and business conditions change in the future.

Yat Siu, co-founder and chairman of Animoca, expressed the need to prioritize corporate agility while evaluating the deal with Currenc. The company holds a portfolio in digital assets and AI (artificial intelligence) while also advancing its financial compliance and corporate governance.

Animoca was previously listed on the Australian Securities Exchange but was delisted in 2020. Since then, it has continued operations as a private company, with the reverse merger seen as one of the means to return to the stock market.

Continuing Audit and Compliance Preparations, Exploring Alternative Listing Methods

Even after the suspension of the reverse merger discussions, Animoca is continuing preparations for going public. The company published its audited financial statements for the fiscal year 2023 on July 17, 2026, and is currently preparing financial statements for the fiscal year 2024.

The company views the preparation of these audited reports as a crucial step in meeting the requirements necessary for a future IPO. Siu has indicated that they will continue to seek the optimal method for going public while meeting the audit and compliance requirements set by major stock exchanges.

Since its delisting in 2020, Animoca has also been working on improving its financial reporting and information disclosure. In 2022, it was fined by the Australian Securities and Investments Commission for failing to submit annual reports for the years 2019 to 2021.

With this decision, the plan for a public listing through the reverse merger with Currenc is temporarily halted, but Animoca aims to return to the stock market through other methods while continuing to enhance its audit and compliance framework.

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