Animoca Brands Corporation Ltd has released unaudited financial and business highlights for the fourth quarter (Q4 2024) and full-year 2024 (FY2024), covering the period ending December 31, 2024.
The results include contributions from key business units such as The Sandbox, Moca Network, Open Campus, Anichess, GAMEE, TinyTap, Animoca Brands Japan, nWay, Eden Games, Blowfish Studios, Pixowl, and Crazy Defense Heroes (TOWER), along with Web3 services revenue and income from portfolio investments and partnerships.
Key financial highlights (unaudited, non-IFRS measures)
- Bookings:
- FY2024: US$314 million, up from US$280 million in FY2023. Breakdown by segment:
- US$165 million from Digital Asset Advisory (DAA), a 116% YoY increase.
- US$110 million from Web3 operating businesses, including blockchain-based sales, in-app purchases, and non-blockchain sales.
- US$39 million from investment activity, including realised digital asset gains and investment management fees from Animoca Ventures.
- Q4 2024: US$108 million, up 170% YoY from US$40 million in Q4 2023.
- US$57 million from DAA.
- US$37 million from Web3 operating businesses.
- US$14 million from investment management.
- Operating expenses:
- FY2024: US$217 million, down 12% YoY from US$246 million, reflecting cost reductions and AI-driven efficiencies initiated in H2 2023.
- Q4 2024: US$49 million, down 15% YoY from US$58 million.
- Financial assets and token reserves (as of December 31, 2024):
- Cash and stablecoins: US$293 million.
- Digital assets: US$538 million, including US$356 million in available-for-sale assets and US$182 million in unvested assets under lock-up. Major holdings include ETH, BTC, APE, and others.
- Portfolio investments: Over 540 minority investments, valued at US$564 million.
- Off-balance sheet token reserves: US$2.9 billion, including tokens issued by majority-owned Web3 subsidiaries and launch partner projects such as SAND, EDU, MOCA, and GMEE.
This financial performance reflects continued growth in digital asset advisory services, Web3 operations, and investment activities, alongside cost optimisation measures.
Business highlights
Digital asset advisory (DAA)
Animoca Brands' DAA business reported 116% year-over-year (YoY) revenue growth in FY2024. The Company provided advisory services to 21 Web3 projects, including PIXEL and PENGU, generating US$68 million in token advisory revenues. Additional revenue of US$97 million was earned from market-making, treasury management, node operations, and trading strategies.
Web3 operating businesses
Moca Network: Developed as a chain-agnostic digital identity infrastructure, Moca Network secured a partnership with SYMBIOGENESIS (Square Enix) and raised an additional US$10 million in November 2024. The network also partnered with SK Planet to integrate blockchain features into SK Planet’s services. MOCA Coin was listed on Upbit and Bithumb.
Open Campus and TinyTap: Open Campus launched an EDU Scholarship Fund and recorded a 578% increase in new Open Campus ID users in Q4 2024. Its EDU Chain mainnet launched in January 2025.
Anichess: In partnership with Chess.com, Anichess launched its public alpha in October 2024 and reached 100,000 monthly active players by December.
GAMEE: GAMEE launched a tokenised advertising network in December 2024 and executed 17 ad campaigns. It sold over 250,000 Moon Cards for 701 million WATCoin.
The Sandbox: Alpha Season 4 concluded in December 2024, with 580,000 players completing 39 million quests.
Investment management
The Company made 12 new investments in Q4 2024, bringing the annual total to over 70 across AI, DeFi, and gaming. As of the end of 2024, private investment holdings were valued at US$564 million, down from US$690 million in 2023 due to token launches, equity sales, and valuation adjustments.
Corporate updates
Hall Chadwick was appointed as the Company’s auditor, replacing DFK Collins.
AI initiatives
Animoca Brands invested in AI projects, partnering with Virtuals.io and FLock.io to advance AI-driven gaming and decentralized AI model development. It also backed HeyAni, an AI venture capital agent.