Animoca Brands, a blockchain gaming leader, released an interim financial update indicating its unaudited financial positions as of April 30, 2023, showing assets worth approximately $3.4 billion.
The company, headquartered in Hong Kong, reported it continues to remain financially robust, boasting a cash and stablecoin balance of $194 million.
- The company also disclosed possessing liquid digital assets worth $566 million, inclusive of reserves of SAND, the utility token utilized in The Sandbox platform.
- Moreover, the off-balance sheet token reserves for all other majority-owned Animoca Brands’ Web3 subsidiaries were valued at about $2.7 billion.
- Animoca is planning to release additional financial updates, starting with the audited financial statements for 2020, followed by key financial and business highlights for 2022 and Q1 2023.
- In earlier reports, the venture capital firm announced that it had lowered its metaverse fund target to $800 million and $2 billion in valuation due to volatility in the crypto market and banking sector instability, which Animoca Brands later denied.
- Following its establishment as a notable player in the Web3 industry, Nasdaq named Animoca Brand the most funded metaverse developer, closing 15 deals and receiving more than $564 million in funding in 2022.
- The company’s value was last recorded at approximately $6 billion after raising $110 million in a funding round led by Temasek, Boyu Capital, and GGV Capital in September 2021. Two months later, Animoca raised an additional $75 million in a Liberty City Ventures-led round at the same valuation.