• Animoca Brands released an interim financial report showing $3.4 billion in assets.
• The update includes $194 million in cash, $566 million in digital assets and $2.7 billion off-balance sheet token reserves for majority-owned Web3 subsidiaries.
• This announcement follows reports of the company’s valuation plummeting from $6 billion to $2 billion.
Animoca Brands Reports Financial Update
Venture capital firm Animoca Brands released an interim financial report laying out its key unaudited financial positions as of April 30, 2023. The company revealed around $3.4 billion in assets, claiming it remains financially strong despite recent reports of its valuation plummeting.
Cash & Stable Balance
Within the update, the company highlighted a cash and stable balance worth $194 million.
Liquid Digital Assets
The report also includes liquid digital assets worth $566 million — including reserves in The Sandbox (SAND) tokens — and off-balance sheet tokens worth $2.7 billion for all other Animoca Brands majority-owned Web3 subsidiaries.
The update’s release follows rumors that the company has faced financial struggles. On March 24, a Reuters report citing anonymous sources said that the company had cut its metaverse fund target to $800 million, with its valuation dropping from $6 billion to $2 billion. The firm immediately responded and denied the reports, downplaying suggestions that its valuation plummeted and that it scaled back its metaverse fund target..
Promised Financial Updates
According to the firm, it will release additional financial updates beginning with an audited financial statement for 2020 and further business highlights for 2022 and first quarter of 2023