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first_img Animoca Brands has suspended the reverse merger transaction with Currenc and remains committed to relisting

Animoca Brands and the Nasdaq-listed company Currenc Group have suspended the previously proposed reverse merger negotiations, which were originally intended to facilitate Animoca's listing. In a statement released on Tuesday, Animoca indicated that after assessing the project timeline and the "evolving market environment," both parties agreed that the time required to complete the transaction no longer aligned with their short-term and mid-term goals.Animoca co-founder and executive chairman Yat Siu stated, "Corporate agility must take precedence over" advancing the merger with Currenc. Animoca added that the company "remains fully committed to relisting on a major public exchange," and if conditions permit, both parties may consider resuming merger negotiations. The reverse merger plan was first announced in November 2025, originally intended for Currenc to acquire Animoca through an Australian arrangement, with Animoca shareholders collectively holding 95% of the merged company's shares post-merger.Animoca was previously listed on the Australian Securities Exchange but was delisted in 2020 due to scrutiny over its involvement in crypto-related activities. In 2022, the Australian Securities and Investments Commission convicted Animoca and imposed a fine for failing to submit annual reports for 2019-2021 and some semi-annual reports. Animoca stated that it is actively advancing the preparation of its audited financial statements for the fiscal year 2024 and continues to seek the optimal path for relisting. Currenc Group is a fintech company headquartered in Singapore, focusing on AI and tokenization solutions.

first_img Gemini's stock price has fallen 80% since its IPO, and acquisition speculation has resurfaced

According to CoinDesk, the stock price of the cryptocurrency platform Gemini has fallen by about 80% since its listing, with its market value dropping from a peak of approximately $4 billion to $753 million. Trading volume, revenue, and platform assets have all continued to decline, leading to renewed speculation about a potential acquisition. Gemini's exchange revenue in the second quarter decreased by 38% year-on-year to $12.5 million, spot trading volume fell by 66% to $3.8 billion, and platform assets decreased from $18.2 billion to $8.4 billion.Lorenzo Valente, Director of Digital Asset Research at ARK Invest, posted on X last month that the offshore perpetual contract platform Hyperliquid should acquire Gemini, using it as a gateway to enter the regulated U.S. market for perpetual contracts and prediction market business. The Winklevoss brothers hold 94.5% of the voting rights in Gemini, which may simplify transaction negotiations but also means that any sale must be approved by both individuals. There are currently no signs that Hyperliquid is actively pursuing an acquisition.Despite the decline in exchange business, Gemini still holds regulatory licenses and approvals that are difficult for competitors to replicate. Potential buyers may weigh the cost of acquisition against the time and legal fees required to apply for licenses independently. This aligns with the trend in cryptocurrency mergers and acquisitions where buyers increasingly value regulatory infrastructure, distribution channels, and market access, such as Keyrock's acquisition of BlockFills' trading assets and Ondo exploring an acquisition of up to $500 million. CoinDesk reported in April that potential buyers were considering acquiring Gemini's closed European and UK operations to obtain licenses. Gemini declined to comment on this.

CoinEx founder Yang Haipo: Once considered selling, ultimately decided to shut down

Yang Haipo, the founder of CoinEx, stated that CoinEx officially launched on December 22, 2017, and will officially close on December 22, 2026, nine years later. He mentioned that nine years is a long time in the cryptocurrency industry, and CoinEx has gone through multiple bull and bear cycles with its users, witnessing the rise and fall of numerous projects, as well as seeing many peers leave the market in different ways.Yang Haipo expressed that after reflection, he accepted the fact that CoinEx has not become a leading exchange in the industry, and the security and compliance risks of operating a cryptocurrency exchange have become increasingly difficult to control; revenue may decline, but responsibility does not lessen, and bearing unlimited risks with limited revenue is no longer a rational choice. He stated that CoinEx has survived for nine years in a highly volatile and harsh industry, and after experiencing various storms, it can still leave completely and with dignity.Regarding CET, CoinEx will repurchase it at its initial listing price of 0.005 USDT per coin, with no quantity limit set. Yang Haipo mentioned that he seriously considered selling CoinEx but ultimately decided against it because users entrusted their assets to CoinEx based on their trust in the platform and him personally. He believes that handing over the platform and this trust to a new owner is not the right way to end this journey, stating, "A clean end is the right end." CoinEx will ensure that users can fully withdraw their assets, provide employees with a dignified farewell, and offer a clear and responsible handling plan for CET holders.

first_img Mechaman CEO Shao Tianlan: As embodied intelligence becomes more popular, we must be wary of short-sightedness

The industrial robot and embodied intelligence company Mechaman landed on the Hong Kong Stock Exchange on September 1, 2026, known as the "first stock of embodied intelligent eyes, brains, and hands." Founder and CEO Shao Tianlan stated that going public is just a move; what truly matters is that the company becomes a public entity. He still considers himself an engineer, spending about half of his time on core technology, application scenarios, and product iterations.Shao Tianlan pointed out that some embodied intelligence companies rely on data collection centers and industrial projects to generate revenue, with insufficient commercialization validation. He described companies that enter the public market prematurely, with high risks and unverified business models, as "secondary market primary." He believes this is a short-sighted approach that could cause significant harm to tech startups, China's innovation ecosystem, and the health of the capital market.Shao Tianlan positions Mechaman as a new technology-driven enterprise, with the expected management principles of being pragmatic, not exaggerating, and not being deceptive. He hopes to become a key general intelligent component similar to Microsoft and Siemens in the era of embodied intelligence. This IPO attracted participation from several long-term funds and industrial capital, including Baillie Gifford.
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