Animoca Brands Halts Reverse Merger, Maintains IPO Focus
Web3 giant pauses deal with Currenc Group but continues compliance push for public listing.
1Merger discussions suspended
Animoca Brands and Currenc Group mutually paused reverse merger talks announced in November 2025. The decision followed reassessment of transaction timelines and shifting market conditions. While the deal remains potentially viable, current timing conflicts with Animoca's strategic objectives. The Web3 company emphasized maintaining corporate agility as priority. This marks another crypto firm adjusting public market ambitions amid volatile conditions.
2Compliance milestones continue
Despite merger pause, Animoca progresses toward public listing requirements. The company released audited FY2023 statements in July 2026, its second audit this year. Work continues on FY2024 financials, critical steps for regulatory compliance. Co-founder Yat Siu highlighted operational strength and digital assets portfolio as foundations. The compliance push reflects long-term strategy beyond immediate merger opportunities.
3Stablecoin venture advances
Animoca's financial services expansion includes Anchorpoint Financial, a stablecoin joint venture with Standard Chartered HK and HKT. Launched in February 2025, Anchorpoint received HKMA's stablecoin issuer license in April 2026. The venture began rolling out HKDAP, its HKD-backed stablecoin, for institutional investors in August. This positions Animoca in regulated crypto financial services alongside its core Web3 business.
4Industry-wide listing delays
Animoca's decision mirrors broader crypto industry trends in 2026. Kraken's parent Payward paused IPO preparations in March after confidential US filing. Ledger abandoned IPO plans for private funding in May. Grayscale also delayed its listing process. These moves reflect cautious approach amid regulatory uncertainty and market volatility affecting crypto firms' public market strategies.
5Strategic priorities reassessed
Animoca's leadership emphasizes maintaining flexibility over forced timelines. Executive chairman Siu stated merger respect but prioritized corporate agility. The company's substantial digital assets and AI portfolio provide alternative growth avenues. Current focus remains achieving compliance milestones while awaiting favorable conditions for public listing, whether through merger or traditional IPO.
6Audit process significance
Animoca's consecutive audited financial statements demonstrate commitment to transparency. The FY2023 report followed another audit earlier in 2026, establishing track record. Completing FY2024 statements would mark third audit, strengthening credibility with regulators and investors. This meticulous approach contrasts with crypto industry's historical opacity, positioning Animoca as compliance leader.
7Regulatory landscape factors
Hong Kong's evolving crypto regulations influence Animoca's strategy. The HKMA stablecoin license for Anchorpoint reflects engagement with regulators. Concurrently, global uncertainty around crypto listings affects timing considerations. Animoca's dual focus on compliance and maintaining optionality reflects nuanced navigation of complex regulatory environments across multiple jurisdictions.
8Long-term positioning intact
While delaying merger, Animoca preserves all options for going public. The company continues building necessary infrastructure through audits and governance improvements. Its diversified operations across Web3, digital assets and regulated financial services provide multiple pathways. Market conditions will determine eventual approach, but foundational work ensures readiness when opportunities emerge.
Original article: CryptoPotato — Animoca Brands Halts Reverse Merger, Maintains IPO Focus