CURRENC Group (CURR) tokenized ordinary shares

Research, firm shelf, model-client eligibility, and advisor selection are recorded separately. The scheduled date is the outside bound; new evidence can reopen the file sooner.

CURRENC Group, a Nasdaq-listed payments company incorporated in the Cayman Islands and run from Singapore, lets its shareholders hold their shares as tokens. Since 8 April 2026 Securitize, the company’s secondary transfer agent, has turned registered shares into tokens on request. The company says ”Holders of tokenized Ordinary Shares have the same ownership and voting rights as holders of non-tokenized Ordinary Shares,” and its annual report calls the change one of ”custody and record-keeping” only. The record stays with Continental Stock Transfer, the primary transfer agent, which keeps the company’s US branch register; Securitize moves the tokens. On 23 September 2026 about 4.72 million shares were in token form, nearly all on Solana, 338 on Avalanche and none on Ethereum, out of 116.5 million the board allowed to be tokenized. A US client may hold the token after moving shares into direct registration and passing Securitize’s identity checks. The company’s filings are thin on the terms: they never define an ”eligible” shareholder, and they say nothing about minimums, exits, or the power to freeze or seize. The contracts have those powers, held by Securitize keys, one of them a single key on Solana that can move any balance. We rate it favorable with conditions, on the same footing as Exodus and SECZ, with a live watch on the suspended Animoca Brands deal.

Research triggers: events that reopen the assessment or shelf decision
• Securitize seizes or burns a CURR holder’s tokens other than to correct the record
• The Animoca Brands transaction resumes or another change of control is announced
• CURRENC defines eligibility in a way that excludes US retail holders
• Continental or Securitize resigns as transfer agent

The research file

What the token is and who keeps the record

CURRENC’s board authorized on 31 March 2026 ”the tokenization and digital representation of up to 116,476,871” existing shares ”through a digital registry administered by Securitize Transfer Agent LLC.” The 20-F says ”Each Ordinary Shares has a corresponding token, and the tokens are maintained by Securitize,” and that tokenization ”does not affect legal ownership.” Its description of securities names Continental as ”primary transfer agent and branch registrar,” keeping the branch register in the United States, and Securitize Transfer Agent as secondary transfer agent, which ”will effectuate permitted transfers of such tokenized interests.” The phrase ”certain interests therein” in the same passage is looser than the 6-K’s promise of the same rights. As a Cayman company, CURRENC also keeps a principal register offshore, which the filings do not describe. The file records the model as issuer-indirect, with Continental’s file governing.

Where the tokens are

The filings name Ethereum and Solana. On chain, the Ethereum contract (named ”CURRENC Group Inc.”, owned by Securitize’s key 0x59c1eace…) held no tokens on 23 September 2026. The Solana mint, whose metadata sits on metadata.securitize.io, held 4,717,647.9. A third contract on Avalanche, the only one Securitize’s own trading catalog lists for CURR, held 338.1, with a USDC swap and redeem contract beside it. The file lists all three. At CoinGecko’s price the tokenized shares are worth about $14 million.

Who may hold, and how

The 20-F says the platform lets ”eligible shareholders” hold shares in wallet form and stops there. Securitize’s CURRENC page describes the path: ask the broker to move the shares to direct registration at Continental, set up a Securitize ID, pass identity checks, register a wallet, and receive the tokens. Its Fidelity guide lists no DRS fee and two to three business days. No minimum, account-type rule, or excluded state appears anywhere. The way back is the same path in reverse; the filings do not describe it, and the file says so.

Control on chain

Both EVM contracts are Securitize DS Protocol tokens behind upgradeable proxies owned by 0x59c1eace…, a key with no code, the same owner as SECZ, VBILL and STAC. Each implementation can seize, burn and pause, and checks every transfer against a compliance service, a registry of approved investors and a lock manager. On Solana, new accounts start frozen until Securitize thaws them; 2p8Vycz4… holds the mint and freeze authority, and D2kGPFTy…, a single key that also serves SECZ, holds the permanent delegate and the pause. A permanent delegate can move or burn any holder’s tokens. None of this appears in CURRENC’s filings.

The Animoca Brands deal

On 2 November 2025 CURRENC signed a non-binding term sheet to acquire Animoca Brands, under which Animoca’s holders would have owned about 95% of the combined company, and the company expected to operate under the Animoca Brands name. Exclusivity lapsed on 30 June 2026, and a 6-K of 21 September 2026 says the parties ”have agreed to suspend the Proposed Transaction at this time.” The token is unchanged. If the deal returns, what a CURR token represents could change with it.

Sources

The claims above trace to these. Where a number could not be independently verified, the thesis says so.

• CURRENC Group Inc. Form 6-K, 9 April 2026 · primary · accessed 2026-09-23
  Supports: same ownership and voting rights, Ethereum and Solana, Securitize co-transfer agent
• CURRENC Group Inc. Form 20-F for 2025 · primary · accessed 2026-09-23
  Supports: board authorization of 116,476,871 shares, eligible shareholders, custody and record-keeping change only, Animoca Brands proposed merger
• CURRENC Group Inc. 20-F Exhibit 2.4, Description of Securities · primary · accessed 2026-09-23
  Supports: Continental primary; Securitize secondary, certain interests therein
• CURRENC Group Inc. Form 6-K, 21 September 2026 · primary · accessed 2026-09-23
  Supports: Animoca transaction suspended
• Securitize instant-trading stock catalog (JSON) · primary · accessed 2026-09-23
  Supports: Avalanche address, Continental, ISIN and CUSIP
• Securitize: CURRENC broker-to-DRS guide (Fidelity) · primary · accessed 2026-09-23
  Supports: no DRS fee, two to three business days

Inherited controls

The research above describes the protocol layer. Every position also inherits the asset it holds and the chain it settles on. The most administered layer sets the position’s effective control grade; that is a control description, not a quality or suitability score.