Animoca Brands and Currenc Group have mutually agreed to suspend discussions on a proposed reverse merger that would have returned the web3 investment firm to public markets via a Nasdaq listing. The companies determined that the expected time required to complete the transaction no longer aligned with their short- and medium-term strategic priorities amid changing market conditions.

The decision leaves open the possibility of resuming talks if circumstances improve. Animoca Brands stated it remains fully committed to securing a listing on a major public exchange and continues work on the necessary audited financial statements and compliance requirements.

Deal Structure and Timeline

The proposed transaction first surfaced in November 2025 under a non-binding term sheet. Currenc Group, a Singapore-based fintech focused on artificial intelligence services and digital remittance infrastructure, was to acquire all of Animoca Brands through an Australian scheme of arrangement. Animoca shareholders would have owned approximately 95 percent of the combined entity, with existing Currenc shareholders retaining the remaining 5 percent. The resulting company was expected to operate under the Animoca Brands name and list on Nasdaq.

Closing had been targeted for the third quarter of 2026, subject to regulatory approvals in the United States and Australia as well as completion of required audited financials. The parties extended an exclusivity period through June 30, 2026, and set a long-stop date of December 31 that could be extended by mutual agreement for another six months. Progress on due diligence and definitive documents had continued into the spring before the latest review of timelines prompted the pause.

Animoca’s Path Back to Public Markets

Animoca Brands was previously listed on the Australian Securities Exchange before its shares stopped trading in 2020 following regulatory scrutiny of its cryptocurrency-related activities. In 2022, the Australian Securities and Investments Commission convicted and fined the company over failures to lodge annual reports for 2019 through 2021 and certain half-year reports.

Since then the firm has worked to clear a backlog of financial statements. It released its 2022 annual report in January 2026, with earlier years following in prior periods. Audited fiscal 2023 financial statements were published on July 17, 2026, marking the second set of audited accounts issued this year. Preparation of the fiscal 2024 audited accounts is underway and is described as an important milestone on the compliance roadmap toward a major-exchange listing.

Despite remaining privately held, Animoca has expanded its portfolio across web3, digital assets, gaming, tokenization and artificial intelligence. The company has remained an active investor, participating in 19 startup deals in the first half of 2026. Recent initiatives include a real-world asset marketplace co-created with NUVA Labs that launched on Ethereum and an investment program of up to $10 million for developers building applications on its Minds platform. In the gaming segment, Alpha Compute completed a majority acquisition of GAMEE from Animoca at an implied valuation of $18 million.

Currenc’s Parallel Activity

Currenc has continued developing its AI and tokenization businesses independently. In April it became one of the first Nasdaq-listed companies to tokenize its own ordinary shares, placing representations of its equity on Ethereum and Solana through Securitize. Its wholly owned subsidiary, Currenc Capital, has since moved to offer similar infrastructure to other listed issuers. Earlier in September the subsidiary entered a binding consulting agreement with Nasdaq-listed Mint Incorporation to support issuer-sponsored tokenization of a portion of Mint’s Class A ordinary shares on the same networks.

Currenc shares closed at $3.23 on Monday, up 1.25 percent on the day, before declining 0.93 percent in after-hours trading following the announcement.

Both companies indicated that merger discussions could be reopened if market conditions and strategic priorities allow. Animoca Brands has not identified an alternative transaction or specific exchange for its planned listing and continues to evaluate optimal routes while completing its financial compliance work.