For Animoca Brands, entering the U.S. capital market once seemed within reach. As a representative Web3 investment firm based in Hong Kong, the company's "re-listing" narrative has been a long-term theme since it delisted from the Australian Securities Exchange in 2020. In November 2025, Animoca and NASDAQ-listed Currenc Group Inc. (ticker CURR) first announced plans to re-list on NASDAQ through a reverse merger, with Currenc acting as the shell company that would carry the listing status of the merged entity. This path, which bypasses the traditional IPO process, has been viewed by many crypto companies as a viable route for quickly entering mainstream exchanges in recent years, although it does not reduce any substantive regulatory requirements. After months of negotiations, on September 22, 2026, Animoca and Currenc jointly announced the official suspension of the previously proposed reverse merger transaction, and the path to re-list on NASDAQ was put on pause; at that time, the reverse merger was in a state of suspension, and public information did not provide a specific reason for halting the negotiations. Accompanying this abrupt "emergency stop" is Animoca's consistent public commitment — the company remains dedicated to re-listing on major public exchanges, creating a stark contrast between the "firm determination to return to the capital market" and the "key path temporarily interrupted" within the same statement. More importantly, this change is not an isolated incident, but rather a signal released by leading Web3 investment firms against the backdrop of a new wave of crypto company listings: even when choosing what appears to be a faster reverse merger path, the road to NASDAQ remains fraught with uncertainty.

An Emergency Stop in the Crypto Listing Wave

If the past few years of crypto companies "entering mainstream exchanges" are viewed as a competitive race, the reverse merger route chosen by Animoca was originally written on the first page of the industry manual. The reverse merger bypasses the lengthy and complex traditional IPO process, using the already listed shell company Currenc Group to try to bring a Hong Kong Web3 investment firm into the spotlight of the globally recognized capital market at a faster pace. From the announcement of the proposed transaction in November 2025 to the public pause on September 22, 2026, this reverse merger, which underwent several months of negotiations, abruptly declined within the narrative of "about to reach the finish line," interrupting not just a technical path, but an entire set of industry imaginations about "how to be quickly accepted by the capital market."

In this wave of crypto listings, the popularity of reverse mergers stems from their perception as paths that can compress time and reduce uncertainty, yet they do not exempt from any regulatory review and information disclosure requirements. The fact that Animoca and Currenc jointly announced the temporary suspension of the NASDAQ listing plan, without disclosing specific reasons, suddenly makes this "seemingly faster" route appear fraught with hidden dangers: whether there are new changes in the market environment, whether there are new considerations in regulatory attitudes, whether capital preferences for crypto business models are being reassessed, all of these have naturally been included in the observation list but remain temporarily at the stage of "questions to be answered" rather than conclusive explanations. This sudden stop from leading participants itself constitutes a demonstration effect — it reminds all crypto companies eyeing NASDAQ and other major public exchanges that fast tracks can be chosen and can also be abandoned midway; the rhythm of listing is no longer merely a function of corporate will, but a result that needs to be repeatedly calibrated under multiple constraints.

From Delisting to Relisting: Animoca's Long Run

From the moment it delisted from the Australian Securities Exchange, Animoca Brands never regarded itself as an "exit participant." The delisting in 2020 was merely a breakpoint in the timeline, quickly packaged by the company as the starting point of a new narrative: a return to mainstream public exchanges at some point in the future. In the following years, it repeatedly emphasized its intention for "relisting" in various public occasions, weaving the notion of relisting into the long-term story told externally — not an option mentioned occasionally, but a consistent main thread running through the years to suggest a clear direction to shareholders, partners, and projects invested: this company ultimately aims to return to the spotlight of traditional capital markets.

In this long run, the reverse merger plan with Currenc Group had once been seen as a direct path to the finish line. In November 2025, Animoca Brands announced plans to go public on NASDAQ through a reverse merger with NASDAQ-listed Currenc Group, and months of ongoing negotiations transformed this path from a concept into detailed planning, cementing it in the market's mind as Animoca's "core plan" for relisting. However, until September 22, 2026, when both parties formally announced the suspension of negotiations, this originally most visible path was put on pause, abruptly losing the established finish line and clear route. Notably, in the same announcement, Animoca still reaffirmed its commitment to relist on major public exchanges, which holds different meanings for different stakeholders: for shareholders, it reconfirms a long-term commitment post-failed transaction, but it also signifies that the timeline has been extended, and the path has returned to uncertainty; for invested projects, the "parent company's relisting expectations," once seen as a potential bonus, can no longer rely on a specific plan and can only be regarded as an unfinished storyline; for the broader industry participants, it sends a mixed signal — the leading institution has not abandoned the goal of entering mainstream exchanges but must accept that this is a long run filled with frequent detours and an uncontrollable rhythm.

The Shell Company Currenc Loses Its Potential Growth Engine

In this months-long reverse merger planning process, Currenc Group Inc.'s role was quite clear — as a NASDAQ listed company with the stock code CURR, it provides the ready-made listing "shell," bearing the exchange qualifications of the merged entity. Public information shows that around November 3, 2025, both parties announced they had signed a term sheet regarding the reverse merger, planning to acquire 100% of Animoca's equity through an Australian scheme (to be verified). Market information indicates that post-merger, Animoca shareholders would hold about 95% of the merged entity's equity, while Currenc shareholders would hold about 5% (to be verified), meaning that Currenc would structurally relinquish almost complete control, retaining only a symbolic equity percentage, while having the opportunity to embed itself into Animoca's growth narrative. For Currenc's investors, this structure was viewed as exchanging the existing "shell company" status for potential growth narrative space; for a period, CURR was treated as the "entry token" into Animoca's path to NASDAQ, rather than an ordinary publicly listed company with its own business story.

With the formal announcement on September 22, 2026, suspending reverse merger negotiations, this entry was abruptly closed. The potential growth capital post-merger is no longer a predictable reality but has reverted to a highly uncertain conception; some viewpoints argue that this poses a bearish signal for Currenc, yet concrete stock price reactions and financial impact data remain to be verified and should be viewed cautiously (to be verified). Along with discussions surrounding transaction structure and timeline, the market has circulated some details, such as extending the exclusivity period to June 30, 2026, setting a long cessation date for December 31, 2026, and allowing for a maximum six-month extension (to be verified), which at least outlines that negotiations once had a relatively clear endpoint timeline but ultimately stopped before a final agreement was truly signed. Regardless of how much verification these details receive in the future, one certain outcome is: after the reverse merger path was put on pause, Currenc lost what was originally considered the largest "external growth engine," and the market must revert to its own assets and capabilities to assess its prospects, rather than assuming it will definitely board Animoca's train to NASDAQ.

The Charm and Cost of the Reverse Merger Path

For crypto companies like Animoca, the allure of reverse mergers is almost written on the timeline. Compared to the lengthy roadshows, public offerings, and layers of approvals that traditional IPOs undergo, acquiring or being acquired by an existing publicly listed company through a reverse merger to enter NASDAQ can turn unlisted equity into securities that can be traded in mainstream markets within a shorter window. Especially when regulatory bodies maintain high sensitivity to IPOs involving crypto business, reverse mergers appear to offer a more controllable bypass: removing the uncertainties of the public offering process and adding an already vetted listing vehicle, often understood by the outside world as a practical choice to bypass traditional thresholds.

However, this bypass is not a "zero-cost shortcut." Regulators have always been highly concerned about publicly listed companies involved in crypto business; switching from IPO to reverse merger does not downgrade compliance requirements but instead shifts the scrutiny focus from issuance approval to information disclosure, asset quality, and valuation rationality. The original business of the shell company, historical financial reports, compliance records, and the crypto landscape of the merging party intertwine, often amplifying disagreements over valuations and concerns about regulatory responses: who bears the potential policy risks, who endures discounts in market capitalization re-evaluations, and who makes more concessions in negotiations — these questions rarely have simple answers. The timeframe from the announcement of the plan by Animoca and Currenc to the public pause just a few months later is a sample of the complexities of the reverse merger path — time can be compressed, procedures can be rewritten, but when regulatory, market, and mutual demands intertwine on the same merger proposal, the charm and cost of this channel always emerge simultaneously.

The Story of Crypto Capital Is Not Over

The reverse merger negotiations between Animoca and Currenc were paused on September 22, 2026, which may seem like a termination but is actually more like a recalculation of the route: the company reiterated in its announcement that it "remains committed to re-listing on major public exchanges," but did not provide a new timeline or plan — the resolve remains, yet the path and rhythm have become uncertain. For other crypto companies preparing to enter the capital market, this event serves as both a sample and a warning — reverse mergers are no longer just "a faster shortcut," but rather a need to balance more complex considerations between regulatory visibility, valuation discounts, brand narratives, and counterparty styles. Some "to be verified" information points to the reason for the suspension as the timeline and market environment no longer aligning with Animoca's short to medium-term strategic goals, which reveals at least one reality: as industry cycles, policy expectations, and business structures continuously shift, the originally designed listing path may lose its optimized solution at any time. Whether Animoca will revisit this merger framework in the future, turn to other shell companies, or return to a more traditional public offering route, there are currently no public conclusions; one thing can be confirmed — the story of crypto capital will not conclude with a mere "pause" statement, but will continue to unfold within the new coordinates of regulation and market sentiment, testing the patience, assets, and narrative capabilities of each company.

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