Animoca Brands Reports $3.4B in Cash and Token Reserves

Blockchain gaming giant – Animoca Brands – has disclosed assets of about $3.4 billion in an interim financial update that locates its major unaudited financial positions as of April 30, 2023.

The Hong Kong-based company announced that it remains financially strong with a cash and constant currency balance of $194 million.

• Finance statement It also reported $566 million in liquid digital assets, including reserves of SAND, the utility token used on the Sandbox platform.
• Additionally, the off-balance sheet token reserve of all other majority-owned subsidiaries of Animoca Brands was $2.7 billion.
• Animoca is scheduled to publish additional financial updates starting with its audited financial statements for 2020. Later, the company also plans to release financial and business highlights for 2022 and the first quarter of 2023.
• It was previously reported that the venture capital firm lowered its metaverse fund target to $800 million, with its value dropping from $6 billion to $2 billion amid volatility in the crypto market and instability in the banking sector.
• Animuka Brands later refuted allegations of the Metaverse Fund’s downsizing.
• After positioning itself as a prominent player in the Web3 industry, Animoca Brand name of the thing Metaverse developer most funded by NASDAQ.
• It even had the majority of metaverse deals in 2022, closing 15 deals and securing more than $564 million in financing.
• The last time the company was valued at about $6 billion was when it raised $110 million in a round announced last September. The funding round was led by Temasek, Buyu Capital and JGV Capital. Two months later, Animoca raised an additional $75 million in a round led by Liberty City Ventures at the same valuation