#xrp上涨8%
A company holding The Sandbox, which originally planned to list on Nasdaq, ended up pausing that route itself.. This kind of thing is rather uncommon..
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Most people see it as “yet another company’s IPO fell through”.. But what may be truly worth watching isn’t that it couldn’t get listed—it’s that it chose not to, first.
Let’s lay it out clearly.. Hong Kong-based Animoca Brands has paused its reverse merger talks with Currenc for a Nasdaq listing.. Under the original plan, Currenc would be folded into Animoca, and after the merger, Animoca’s shareholders would receive 95% of the shares of the new company.. The stated reasons were “market conditions” and an “expected closing timeline.” The wording said both sides mutually agreed, and added that if the conditions are right, they could talk again..
This is where it gets interesting.. If this pause was caused by regulators blocking it, then it’s a compliance issue; but if what’s written is that both sides hit the brakes together, then it’s not a question of whether it can be listed—it’s a question of whether the valuation at this price is worth it..
Even more interesting is the timing.. On the same day, money in the secondary market was rushing into the cheapest available chips: Dogecoin jumped 15% in a day, with XRP and SOL following.. On one side, the public market is setting a multi-year price for “equity with a story”; on the other, in the market, the chips are priced per minute and can be traded anytime..
So things start to look different.. With the same batch of money, people are now more willing to stay in places where they can trade immediately, rather than get locked into an IPO process that takes months to review, with a delivery/closing period that’s still uncertain..
Look one layer further.. In 2020, Animoca was delisted from an Australian exchange; now it’s also been paused on this Nasdaq backdoor-to-listing route.. Both times got stuck at the same point. Public markets do have cycles in their appetite for this kind of asset.. Add to that last week’s CLARITY bill failing to pass, and the regulatory path was already unclear—companies generally won’t set their own price when the rules haven’t been written clearly.
What’s really worth watching is what that shell plans to do next.. If Currenc restarts talks within a month, it suggests it’s just a timing issue; if it turns around to look for other targets, then it’s a valuation problem, not a timing problem..
The twist stays here.. The listing is stopped, and it looks like this company is the one at a disadvantage; but if the window is closing and the shell is still in hand, then the initiative is actually on the side of the asset preparing to be injected.. Sometimes it’s not that it can’t get listed—it’s that it doesn’t want to be listed at this price.
A company holding The Sandbox, which originally planned to list on Nasdaq, ended up pausing that route itself.. This kind of thing is rather uncommon..
👉 加入粉丝群
Most people see it as “yet another company’s IPO fell through”.. But what may be truly worth watching isn’t that it couldn’t get listed—it’s that it chose not to, first.
Let’s lay it out clearly.. Hong Kong-based Animoca Brands has paused its reverse merger talks with Currenc for a Nasdaq listing.. Under the original plan, Currenc would be folded into Animoca, and after the merger, Animoca’s shareholders would receive 95% of the shares of the new company.. The stated reasons were “market conditions” and an “expected closing timeline.” The wording said both sides mutually agreed, and added that if the conditions are right, they could talk again..
This is where it gets interesting.. If this pause was caused by regulators blocking it, then it’s a compliance issue; but if what’s written is that both sides hit the brakes together, then it’s not a question of whether it can be listed—it’s a question of whether the valuation at this price is worth it..
Even more interesting is the timing.. On the same day, money in the secondary market was rushing into the cheapest available chips: Dogecoin jumped 15% in a day, with XRP and SOL following.. On one side, the public market is setting a multi-year price for “equity with a story”; on the other, in the market, the chips are priced per minute and can be traded anytime..
So things start to look different.. With the same batch of money, people are now more willing to stay in places where they can trade immediately, rather than get locked into an IPO process that takes months to review, with a delivery/closing period that’s still uncertain..
Look one layer further.. In 2020, Animoca was delisted from an Australian exchange; now it’s also been paused on this Nasdaq backdoor-to-listing route.. Both times got stuck at the same point. Public markets do have cycles in their appetite for this kind of asset.. Add to that last week’s CLARITY bill failing to pass, and the regulatory path was already unclear—companies generally won’t set their own price when the rules haven’t been written clearly.
What’s really worth watching is what that shell plans to do next.. If Currenc restarts talks within a month, it suggests it’s just a timing issue; if it turns around to look for other targets, then it’s a valuation problem, not a timing problem..
The twist stays here.. The listing is stopped, and it looks like this company is the one at a disadvantage; but if the window is closing and the shell is still in hand, then the initiative is actually on the side of the asset preparing to be injected.. Sometimes it’s not that it can’t get listed—it’s that it doesn’t want to be listed at this price.