Animoca Halts Nasdaq Bid as Currenc Merger Falls Apart

Animoca Brands and Nasdaq-listed Currenc Group mutually suspended their reverse-merger discussions on 22 September, shelving the deal that would have given the Hong Kong-based Web3 conglomerate a public listing on a major United States exchange. The decision, first reported by The Block, leaves Animoca without a clear path back to public markets after six years off a regulated exchange.

Why the Currenc Deal Collapsed

The merger, announced in November 2025, would have seen Singapore-based fintech firm Currenc acquire Animoca, with Animoca shareholders retaining 95% of the combined entity's stock. Animoca disclosed that both parties agreed to suspend after reviewing projected closing timelines and evolving market conditions.The company published audited FY2023 financials only in July 2026 and is still preparing its FY2024 audited statements, a process that the comprehensive exchange-compliance audit required for a Nasdaq listing has extended beyond the deal's original timeline.Animoca reported total bookings of $314 million for FY2024, up from $280 million the prior year, with $293 million in cash and stablecoins and $2.9 billion in off-balance-sheet token reserves, including SAND, EDU, and MOCA. The portfolio spans more than 540 investments, but translating Web3 holdings into auditable figures that satisfy U.S. Securities and Exchange Commission (SEC) requirements remains a bottleneck the company has publicly acknowledged.

Yat Siu Signals Alternative Listing Routes

Executive Chairman Yat Siu framed the decision as a strategic pivot rather than a defeat. "Corporate agility must take precedence," Siu said in the announcement. "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."The companies left the door open to resuming talks if conditions improve, but no new timeline was set. Animoca was previously traded on the Australian Securities Exchange (ASX) before its removal in March 2020, and the Australian Securities and Investments Commission (ASIC) later convicted and fined the company in 2022 for failing to lodge financial reports between 2019 and 2021. A return to regulated markets has been a stated priority since.

Six Years Without a Listing Takes a Toll

The suspension matters beyond Animoca's own books. A successful Nasdaq debut would have provided a liquid benchmark for valuing Web3 gaming and metaverse assets at a time when public comparables remain scarce. Without it, Animoca's $5.9 billion valuation, set in its July 2022 funding round, continues to rest on private-round pricing rather than transparent market discovery.Currenc, meanwhile, retains its Nasdaq shell and recently announced a collaboration to bring Mint's listed shares on-chain, signalling that tokenisation remains the firm's strategic direction regardless of the Animoca outcome. For Animoca, the next checkpoint is completing the FY2024 audit and deciding whether to pursue a direct listing, a fresh Special Purpose Acquisition Company (SPAC) vehicle, or a revised merger partner.