Animoca Brands delays IPO plans, suspends merger talks with Currenc
Talks between the two kicked off late last year, with plans for the former to own 95% of the merged company.
Animoca Brands suspended discussions for a proposed reverse merger with Currenc Group Inc. (CURR), which would have seen the digital asset investment company secure a Nasdaq listing.
The two companies decided the proposed timeframe to finalize the transaction didn’t align with their respective goals, Animoca announced on Tuesday.
Talks between Animoca and Currenc kicked off late last year, with plans for the former to own 95% of the merged company.
Hong Kong-based Animoca said it “remains fully committed” to listing on a major public exchange, with co-founder Yat Siu adding it will “continue to pursue optimal routes” to a public listing.
Animoca Brands’ portfolio spans decentralized finance (DeFi), AI, non-fungible tokens (NFTs) and gaming, with advisory services forming an increasing chunk of its revenue stream in recent years.
Currenc shares closed at $3.23 on Monday, 1.25% higher on the day, before dropping 0.93% in after-hours trading.
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Asanat Analysis — Why it matters
Animoca Brands' IPO delay and merger suspension with Currenc signals softening appetite for gaming-focused crypto exits in public markets. The collapse of what would have been a 95%-ownership structure suggests either unfavorable valuation pressure, regulatory headwinds around gaming tokenomics, or deteriorating confidence in the merged entity's growth trajectory. This mirrors broader 2024-2026 pullback in crypto company public debuts.
The timing matters: late-2025 merger talks that disintegrated by mid-2026 indicates a 6-9 month window where market conditions or diligence processes exposed material risks. For Animoca specifically, this delays potential secondary liquidity for investors and complicates the company's ability to fund game studios and IP acquisitions through equity issuance. It also reflects lingering skepticism around valuing gaming guilds and play-to-earn mechanics post-NFT cycle.