Animoca Brands shelves its Nasdaq merger with Currenc, and Currenc shares fall 5%

Animoca Brands and Currenc Group have suspended talks on a reverse merger that would have given the Hong Kong crypto investment and gaming company a Nasdaq listing. Currenc disclosed the decision in a Form 6-K filed with the SEC on Monday, and Animoca confirmed it on Tuesday, according to CoinDesk and Cointelegraph.

Currenc shares were down 5% at $3.07 in the first hour of trading on Tuesday, after closing Monday at $3.23, according to Nasdaq data. Volume was light, about 86,000 shares against a daily average of about 373,000.

What the deal was

Under a non-binding term sheet signed November 2, 2025, Currenc would have acquired all of Animoca through an Australian scheme of arrangement. Animoca's shareholders would have owned about 95% of the merged company and Currenc's existing shareholders about 5%. In practice it was a way for Animoca to go public through Currenc's listing.

Animoca's portfolio includes The Sandbox, Moca Network and Open Campus, Cointelegraph noted. The company was previously listed on the Australian Securities Exchange until it was removed in March 2020.

What the filing adds

The companies' public explanation is that the timetable no longer suited either side. Currenc's filing is more specific on three points:

• The deadline had already passed. The term sheet targeted a closing in the third quarter of 2026, which ends next week, with a long stop date of December 31. Exclusivity was extended in May to June 30, 2026. That period expired without a definitive merger agreement.
• Currenc wants to raise money. The filing says suspending the deal "is also expected to provide Currenc with greater flexibility to pursue financing opportunities to fund its growth and operations."
• The tool for that already exists. A prospectus supplement filed the same day covers the resale of up to 50,070,187 Currenc shares, including up to 20 million shares Currenc may sell at its discretion to Arena under an equity line of credit. Nasdaq's market value of about $345 million at $3.07 a share implies roughly 112 million shares outstanding, so 20 million new shares would add about 18%.

For Currenc holders, that is the part that matters more than the lost merger. Under the deal they would have kept 5% of a much larger company. Without it, they own a small company that has said it wants to raise capital, with a mechanism in place to issue shares.

What Animoca said

Animoca said it "remains fully committed" to listing on a major public exchange. Executive chairman Yat Siu said, as quoted by Cointelegraph, that "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." Both sides said talks could resume if conditions allow. Currenc said it cannot predict whether or when that will happen.

For other crypto deal news today, see our report on Binance's $100 million Circle stake. Live prices are on our crypto prices page.

Sources: Currenc Group Form 6-K and prospectus supplement No. 11 (SEC, September 21, 2026), CoinDesk, Cointelegraph, Nasdaq quote data. This is market information, not investment advice.