Blockchain gaming giant – Animoca Brands – revealed nearly $3.4 billion in assets in an interim financial update outlining key unaudited financial positions as of April 30, 2023.
The Hong Kong-based company announced that it remains financially stable with a cash and stablecoin balance of $194 million.
- The financial statement also reported liquid digital assets of $566 million, including reserves of SAND, the utility token used by The Sandbox platform.
- In addition, off-balance sheet token reserves for all other Animoca Brands majority-owned Web3 subsidiaries reached $2.7 billion.
- Animoca is scheduled to publish additional financial updates starting with the audited financial statements for 2020. Afterwards, the company also plans to release key financial and business highlights for the full year 2022 and Q1 2023.
- Earlier it was reported that the venture capital firm slashed its metaverse fund target to $800 million, with its valuation dropping from $6 billion to $2 billion amid volatility in the crypto market and instability in the banking sector.
- Animoca Brands later denied claims of scaling back its target metaverse fund.
- After positioning itself as a prominent player in the Web3 industry, Animoca Brand was named the most funded metaverse developer on the Nasdaq.
- It even picked up the most metaverse deals in 2022, closing 15 deals and receiving more than $564 million in funding.
- The company was last valued at nearly $6 billion when it raised $110 million in a round announced in September. The funding round was led by Temasek, Boyu Capital, and GGV Capital. Two months later, Animoca raised an additional $75 million in a round led by Liberty City Ventures in the same amount.
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