Animoca Brands Reports $3.4B of Assets
Blockchain gaming giant Animoca Brands announced approximately $3.4 billion in assets in an interim financial update that summarizes its key unaudited financial positions as of April 30, 2023. The Hong Kong-based company showed that it remains financially strong, with $194 million in cash and stablecoin balances. The financial statement also reported $566 million in liquid digital assets, including reserves of service token SAND used on The Sandbox platform.
Additionally, off-balance sheet token reserves of Web3 subsidiaries, majority-owned by Animoca Brands, amounted to $2.7 billion. Animoca also plans to present key financial and business events for the full year 2022 and Q1 2023.
Due to the volatility in the crypto market and instability in the banking sector, news emerged that Animoca Brands reduced its metaverse fund target to $800 million and its valuation dropped from $6 billion to $2 billion. However, Animoca Brands later denied allegations of shrinking its metaverse funding target. Animoca Brand has been named the most funded metaverse developer by Nasdaq. It even packaged most of its metaverse deals in 2022, closing 15 deals and raising more than $564 million in funding.
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