Animoca Brands has mutually suspended discussions with Currenc Group over a proposed reverse merger, the company announced. The deal, initially announced on November 3, 2025, was put on hold after both companies reviewed the expected transaction timeline and assessed changes in market conditions.
Animoca said the time required to complete the merger does not align with its short- and medium-term strategic goals. However, the company left the door open for future negotiations, stating that discussions may resume if market and business conditions improve.
Compliance Efforts Continue
Despite pausing the merger, Animoca is advancing its financial compliance and corporate governance plans. The company released audited financial statements for fiscal year 2023 on July 17, 2026—its second set of audited statements released that year—and is now working on fiscal year 2024 statements. Animoca indicated that completing both reports is a critical step toward meeting requirements for a future public listing.
Co-founder and executive chairman Yat Siu said: "While we hold our proposed merger with Currenc Group in high regard, our corporate agility must take precedence. 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."
Stablecoin Venture Advances
Animoca has also made progress in Hong Kong's stablecoin sector. The company formed a joint venture called Anchorpoint Financial Limited with Standard Chartered Bank HK and HKT in February 2025. In April 2026, Anchorpoint received one of Hong Kong's first official stablecoin issuer licenses from the HKMA. The venture began initial rollout of its regulated Hong Kong dollar-backed stablecoin, HKDAP, for institutional investors in August.
Broader Industry Trend
Animoca's decision reflects a wider slowdown in public-market ambitions across the crypto industry in 2026. Payward, the parent company of Kraken, halted IPO preparations in March despite having confidentially filed for a U.S. listing in November 2025. Crypto hardware wallet maker Ledger paused its IPO plans in May and shifted to private funding instead, while asset management firm Grayscale delayed its listing process around the same time.
