Animoca Brands and Nasdaq-listed Currenc Group have mutually agreed to suspend their proposed reverse merger, putting Animoca’s planned Wall Street debut on hold. The decision, announced on September 22, 2026, came after the companies’ exclusivity period expired and both sides assessed current market conditions and the extended timeline required to complete the transaction.
The proposed deal, first announced in November 2025, was structured to allow Animoca to enter Nasdaq without pursuing a traditional initial public offering (IPO), with Animoca shareholders expected to own about 95% of the combined company.
Animoca and Currenc suspended their reverse merger, but Animoca still says it will relist. Not a contradiction: the listing is a decision, the shell is a negotiation. The real gate is the audit calendar — FY2023 done in July, FY2024 in progress. That clock runs either way 👀
— Kato Crypto (@katocryptoreal) September 22, 2026
The delay highlights the regulatory and operational complexity involved in completing a reverse merger for a company seeking a major US exchange listing. Animoca Executive Chairman Yat Siu said the company would rather maintain corporate agility than remain committed to a transaction whose timeline no longer fits its short- and medium-term objectives. For Currenc Group, ending the exclusivity arrangement also provides greater flexibility to explore independent financing and growth opportunities. The decision therefore appears to be a pause in the specific transaction rather than a retreat from Animoca’s plans to access US public markets.
US listings remain difficult for crypto companies
The challenge for a crypto or Web3 company looking for a US listing extends beyond finding a suitable transaction structure. Nasdaq requires applicants to satisfy financial, liquidity and corporate-governance standards, while an initial listing also requires an independent auditor registered with the Public Company Accounting Oversight Board (PCAOB). For companies with complex digital-asset operations, meeting those requirements can make the preparation process significantly more involved than simply securing a listing vehicle.
The reporting burden also continues after a company becomes public. SEC rules require reporting companies to file annual Form 10-K and quarterly Form 10-Q reports, while certain material developments must be disclosed through Form 8-K, often within four business days. This means Animoca’s public-market challenge is not only about getting onto an exchange; it also involves building the accounting, disclosure and governance infrastructure needed to operate as a US-listed company.
Animoca’s own history shows why its audit work is important. The company was delisted from the Australian Securities Exchange in 2020, and ASIC later fined it in 2022 over failures to lodge certain annual and half-year reports. By July 2026, Animoca had published its audited FY2023 report and said it was progressing its FY2024 audit. The unfinished reporting work therefore provides important context for why regulatory preparation remains central to any future listing strategy.
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Did Animoca pause the Nasdaq plan because the timing was wrong, or because the deal no longer made sense?
Animoca Brands’ decision to suspend its proposed Nasdaq route through a reverse merger with Currenc Group has raised a question among crypto users: was the deal taking too long to close, or did the proposed transaction become less attractive as market conditions changed?
The crypto community on Binance Square are looking beyond the official explanation. One creator on the Binance Square platform, 币圈小贝贝, questioned whether the suspension should be viewed as a failed listing attempt. The user argued that the more interesting point is that the parties chose to pause the transaction themselves, rather than being forced to abandon it by regulators.
Another creator, tradekor, compares Animoca’s proposed reverse merger with Kraken’s conventional IPO process and frames the difference around speed versus scrutiny. The creator argues that a traditional IPO involves extensive financial disclosure, underwriting and regulatory review, while a reverse merger can provide a faster route to a public market through an existing listed company. Neither Animoca nor Currenc has said that valuation caused the suspension.
What comes next
Animoca Brands said its ambition to relist on a major public exchange remains unchanged. The company plans to continue its audit and compliance preparations while considering alternative routes to a public listing. Meanwhile, the two companies have not ruled out reviving discussions if market conditions become more favourable.
For now, however, Animoca’s Nasdaq debut remains on hold as it evaluates other options for achieving its public-market ambitions. The important variable is therefore not whether Animoca has a public-market objective, but which listing structure can accommodate its financial reporting, governance requirements and desired access to investors.
Meanwhile, Animoca Brands obtained a Virtual Asset Service Provider (VASP) licence from Dubai Virtual Assets Regulatory Authority (VARA), opening the door for broader operations across the Middle East’s growing digital asset sector.
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