ANIMOCA BRANDS HOLDS $558M IN CRYPTO ON BALANCE SHEET 

Animoca Brands, a prominent Hong Kong-based Web3 company, disclosed holdings of $291 million in cash and stablecoins in its latest unaudited financial statement.

The company reported a total of $558 million in digital assets on its balance sheet, with an addition of $266 million in digital assets accumulated since December 2023 from various investments and token launches.

This week’s announcement revealed that Animoca Brands has substantial Web3 subsidiaries off its balance sheet, with token reserves valued at approximately $1.8 billion. This includes around $1.3 billion in highly liquid tokens and $542 million in tokens with lower liquidity.

It’s important to note that these figures do not account for the value of Animoca Brands’ roughly 400 minority investments in other Web3 entities, as the valuation of these investments is still in progress.

The company expressed optimism about its positioning for market recovery, highlighting the recent high performance of Bitcoin and a significant strengthening in the Web3 gaming sector despite the crypto market’s challenges in 2023.

In response to market volatility last March, Animoca Brands recalibrated the goal for its metaverse fund, “Animoca Capital,” cutting it by 20% to $800 million from the initially proposed $2 billion, following a prior adjustment to $1 billion. This represents a 60% decrease from the fund’s original target since its launch in November.

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