- Animoca Brands and Currenc announced they are suspending their reverse merger, citing market conditions and strategic alignment as key reasons.
Almost a year ago, Animoca Brands and Currenc Group (CURR) announced that they had agreed to a reverse merger. However, the two have mutually decided to suspend it.
Animoca and Currenc cited market conditions and strategic alignment as reasons for the move.
The Previous Reverse Merger Deal Between Animoca Brands and Currenc
In November 2025, Animoca and Currenc entered into a non-binding term sheet for a reverse merger. The deal involved the Nasdaq-traded Currenc acquiring 100% of Animoca’s issued shares.
The companies’ goal was to establish a Nasdaq-listed company operating under Animoca Brands’ name. Its global growth strategy would have focused on digital asset investments and services. The business’s scope would also extend to providing consumers and institutions exposure to real-world asset (RWA) tokenization and blockchain application ventures.
The companies expected the proposed merger to grant Animoca shareholders approximately 95% collective ownership of the resulting entity’s issued shares. Meanwhile, Currenc shareholders would control the remaining 5%.
Additionally, Currenc planned to authorize a dual-class share structure in the transaction. The new entity’s board would then include nominees from both companies.
Animoca and Currenc initially targeted 2026 for the reverse merger’s implementation.
The Fallout
Fast-forward to the present, Animoca claimed it had mutually agreed with Currenc to suspend the deal. The company explained that “evolving market conditions” didn’t support its projected closing timeline.
Moreover, Animoca highlighted that the interim period needed to finalize the transaction didn’t align with the parties’ respective short- and medium-term strategic goals. Nonetheless, it’s not ruling out the possibility of resuming negotiations with Currenc under more favorable conditions.
Yat Siu, co-founder and executive chairman of Animoca Brands, emphasized that while he held the proposed merger with Currenc in high regard, he clarified that “corporate agility must take precedence.” Meanwhile, he said he remains committed to strengthening the company’s digital assets and AI portfolio amid recent developments. Furthermore, he stated that Animoca is determined to relist on a major public exchange eventually.
“Today, we affirm our focus from a position of significant operational strength, an unmatched digital assets and AI portfolio, and a concerted drive to achieve our compliance milestones,” the Animoca chair added. “As we advance the comprehensive audit processes required to meet the rigorous compliance standards of a major public exchange, we will continue to pursue optimal routes to a public listing.”
