Animoca Brands and Nasdaq-listed Currenc Group have jointly suspended negotiations regarding a proposed reverse merger, which was originally planned to allow Animoca to go public via a shell company, Currenc.

The merger plan was initially announced in November 2025, with both parties intending to complete Animoca's listing through a reverse merger with the already Nasdaq-listed Currenc. Now, this negotiation has been jointly suspended by both parties.

Animoca stated that the company remains committed to relisting on mainstream exchanges, and the suspension of this merger negotiation does not indicate a abandonment of its listing plans, but rather a pause in cooperation with Currenc on this specific path.

Animoca's chairman, Yat Siu, further pointed out that "corporate flexibility" is currently prioritized over this merger matter, suggesting that the company may be weighing other listing or financing paths aside from the reverse merger.

Reverse mergers (shell listings) have become a common path for crypto and web3 companies to bypass traditional IPO review processes and quickly enter the public market. Animoca has previously expressed its desire to relist on the public market multiple times, and this suspension is a phase adjustment in its listing path planning rather than a termination.

From a market perspective, this suspension directly impacts Currenc Group by losing the opportunity to acquire Animoca's assets and business through the merger in the short term. As the shell company, Currenc could have potentially enhanced its market value and visibility through this transaction. For Animoca, the suspension of negotiations means uncertainty in its listing timeline, but it also retains the space to seek other more favorable listing paths. This suspension represents a typical event-driven capital operation adjustment, with both parties currently in a wait-and-see and reassessment phase, without clear changes in capital flow.

Source: Public Information