Animoca Brands Corporation Ltd remains financially strong with a cash and stablecoin balance of US$291 million at the end of March 2024, putting it in a strong position to capitalise on the market rebound evident over the last few months.
In an interim financial update, the company said it had managed to build and expand through the difficult cryptocurrency market of 2023 to be well-placed going into the second quarter of 2024.
The digital assets held by the company have been a major contributor to the robust financial position, standing at US$558 million at the end of March.
Digital assets added
Through multiple recent investments and token launch activities, the company has added US$266 million of digital assets since December 2023.
The off-balance sheet token reserves for all Animoca Brands Web3 subsidiaries stood at approximately US$1.8 billion, comprising approximately US$1.3 billion in liquid tokens and US$542 million in lower-liquidity tokens.
Liquid tokens are defined as tokens listed on a top-tier centralized digital asset exchange and/or with a 24-hour trading volume of more than US$25 million while lower-liquidity tokens are defined as tokens listed on lower-tier centralized exchanges or decentralized exchanges and/or with a 24-hour trading volume of less than US$25 million.
Minority investments as well
Importantly, the interim update excludes the value of the company’s approximately 400 minority investments in Web3 companies, for which valuation work is ongoing.
Animoca Brands says it is working diligently to provide additional financial updates.
“Audited financial statements for the fiscal year 2021 are in progress and the company plans to provide key unaudited financial and business highlights for the full fiscal year 2023 in Q2 2024, subject to any disclosure limitations of the Australian Corporations Act 2001 (Cth).”
About Animoca Brands
Animoca Brands, a Deloitte Tech Fast winner, a Fortune Crypto 40 company and one of the Financial Times’ High Growth Companies Asia-Pacific 2023, is a Web3 leader that leverages blockchain to deliver digital property rights to consumers around the world to help to establish the open metaverse.
The company develops and publishes a broad portfolio of products including original games such as The Sandbox, PHANTOM GALAXIES™, Life Beyond and Crazy Defense Heroes, and products utilizing popular intellectual properties from the worlds of sports and entertainment, such as The Walking Dead, Power Rangers, MotoGP™, and Formula E.
It has multiple subsidiaries, including The Sandbox, Blowfish Studios, Quidd, GAMEE, nWay, Pixowl, Forj, Lympo, Animoca Brands Japan, Grease Monkey Games, Eden Games, Darewise Entertainment, Notre Game, TinyTap, SPORTPASS, PIXELYNX, WePlay Media, Gryfyn and Azarus.
Animoca Brands is one of the most active investors in Web3, with a portfolio of more than 400 Web3 investments, both directly and through Animoca Ventures, including Yuga Labs, Axie Infinity, Polygon, Consensys, Magic Eden, Fireblocks, OpenSea, Dapper Labs, Yield Guild Games and many more.