Blockchain Gaming Firm Animoca Brands Holds $194 Million in Cash and Stablecoins
Why Trust Cryptonews
Ad Disclosure
We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships.
Animoca Brands has disclosed that it is “financially strong” to continue operations in a recent blog post.
The Hong Kong-based firm reported a stablecoin reserve of $194 million as of April 30, 2023.
Additionally, Animoca Brands holds $566 million worth of liquid digital assets, which includes the utility token for the “Sandbox NFT metaverse platform,” known as SAND.
Furthermore, the company possesses other token reserves, not reflected in the balance, belonging to its majority-owned Web 3 subsidiaries, which are currently valued at $2.7 billion.
Animoca Brands Financial Status From 2021 Q4 to 2022 Q1
In the last three months of 2021 ended on December 31, Animoca Brands had a total of $148 million in bookings and other incomes.
The bookings consisted of NFT sales, including secondary sales, token sales, and income from non-blockchain activities.
Other incomes comprised the gains or losses from digital assets holdings and investments.
By the first quarter of 2022 ended on April 30, the venture capitalist firm recorded $573 million under bookings and other incomes, showing an increase of $425 million.
Also, in Q1 2022, the firm’s 340 portfolio investments were worth $1.5 billion.
Its cash balance in the same time frame consisted of $98 million and $211 million in digital assets, including BTC, USDC, BUSD, ETH, and USDT.
Animoca Brands also had other digital assets holdings consisting of 3rd party tokens worth $659 million in the same period.
Then its off-balance sheet digital asset reserve consisted of its token, SAND, TOWER, QUIDD, REVV, GMEE, PRIMATE, etc.
These tokens were worth approximately $4.2 billion on April 30, 2022.
Animoca Brands Positions For More Achievements In 2023
Animoca Brands has continued pushing its interest in becoming a top brand in gaming and the metaverse.
The firm announced a partnership with one of its subsidiaries, Notre Game, and a renowned martial arts organization, ONE Championship, to create an NFT-powered mobile game, ONE Fight Arena.
Notably, the game’s player testing will commence in quarter 4 of 2023 and launch globally in Q1 of 2024.
Also, on May 9, 2023, Animoca Brands announced a commercial agreement with STC Play to publish video games in MENA’s many distribution channels, including STC’s.
On May 11, the firm also announced another partnership with ALTAVA Group.
The firm later disclosed plans to report its audited financial statements for 2020, 2022 and financial results for Q1 of 2023.
A Brief On Animoca Brands
Animoca Brands is a leader in gamification, blockchain, and digital entertainment.
Its focus on gamification is to advance digital property rights for the open metaverse.
Some of the products by the company include the SAND token and REVV token.
It also has some original games to its name, including, The Sandbox, Crazy Defense Heroes, and Crazy Kings, with many subsidiaries, including Notre Game.
Notably, the firm’s entry into the crypto space wasn’t an enjoyable ride.
The gaming firm was delisted from the Australian Stock Exchange (ASX) in March 2020 for engaging in the digital asset industry.
But one year later, in 2021, Animoca Brands made the Financial Times list of “high growth companies in Asia-Pacific.”
- XRP Cuts Reserve Requirements by 90% to Allow Wallets with Lower Amounts
- XRP Surges Amid Bullish Wedge Pattern – Analyst Claims It Will Never Drop ‘Below $2 Again’
- Shiba Inu Burns Push SHIB Price Over $0.00003, Analysts Predict Another Zero Going Down by 2025
- XRP Overtakes Solana and Tether as Market Cap Reaches $139 Billion – Can XRP Hit $100 Next?
- Best Crypto to Buy Now December 2 – HBAR, KAIA, IOTA
Best Bitcoin & Crypto Wallet
More Articles
in numbers
