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Blockchain gaming leader – Animoca Brands – disclosed approximately $3.4 billion in assets in a preliminary financial update that detailed its primary unaudited financial standings as of April 30, 2023.
The Hong Kong-based firm stated that it continues to be financially robust with a cash and stablecoin reserve of $194 million.
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- The financial report also indicated liquid digital assets totaling $566 million, which includes reserves of SAND, the utility token utilized in The Sandbox platform.
- Moreover, the off-balance sheet token reserves for all other majority-owned Web3 subsidiaries of Animoca Brands amounted to $2.7 billion.
- Animoca is preparing to release further financial updates, beginning with the audited financial statements for 2020. Following that, the company intends to present significant financial and business highlights for the complete year of 2022 and Q1 2023.
- It was previously reported that the venture capital firm reduced its metaverse fund target to $800 million, with its valuation decreasing from $6 billion to $2 billion due to fluctuations in the crypto market and instability in the banking sector.
- Animoca Brands subsequently denied assertions regarding a reduction in its metaverse fund target.
- After establishing itself as a key player in the Web3 sector, Animoca Brands was recognized as the most funded metaverse developer by Nasdaq.
- The company secured the majority of metaverse agreements in 2022, finalizing 15 deals and acquiring over $564 million in funding.
- Its last valuation was approximately $6 billion when it raised $110 million in a funding round announced last September. This round was led by Temasek, Boyu Capital, and GGV Capital. Two months later, Animoca raised an additional $75 million in a round led by Liberty City Ventures at the same valuation.
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