Animoca Brands suspends reverse merger talks with Currenc, delaying Nasdaq listing plan
Animoca Brands has put its public listing plans on hold after suspending reverse merger talks with Currenc Group over timing differences. The proposed transaction would have given the Hong Kong-based digital asset investment company a 95% stake in the combined business after discussions began late last year.
Highlights
- Animoca Brands and Currenc suspended reverse merger talks due to mismatched timelines, halting Animoca's planned Nasdaq listing via Currenc.
- Animoca remains committed to a major public exchange listing, with advisory services now a growing contributor alongside its DeFi, AI, NFT, and gaming portfolio.
- Currenc shares closed at $3.23 on Monday, up 1.25% intraday but down 0.93% after-hours following news of the suspended merger talks.
Merger timetable stalls listing route
As reported by CoinDesk, Animoca and Currenc halted discussions after deciding that the timeframe needed to complete the reverse merger did not match their respective objectives.Animoca announced on Tuesday that the proposed deal would no longer move forward, ending a transaction that was designed to secure the company a Nasdaq listing through Currenc. The company says it remains committed to pursuing a listing on a major public exchange.
Co-founder Yat Siu says Animoca will continue to pursue optimal routes to a public listing. The company has built a portfolio across decentralized finance, AI, non-fungible tokens and gaming, while advisory services have become a growing part of revenue in recent years.
Market reaction and sector implications
Currenc shares closed at $3.23 on Monday, up 1.25% for the day, before falling 0.93% in after-hours trading following the update on the suspended talks.The setback leaves Animoca searching for another path to public markets at a time when digital asset companies continue to weigh listing options against execution risk and market timing. For the sector, the suspended deal highlights how transaction structure alone may not be enough to complete a listing if corporate timelines and strategic priorities do not align.
In our earlier article on SB Energy’s delayed IPO plans, we noted that the SoftBank-backed data-centre developer slowed its timetable as investor caution grew around the AI infrastructure boom and financing costs. We also highlighted how higher expected yields, heavy capital requirements, and broader project risks can quickly complicate the path to public markets even when a company still targets a major listing.
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