According to CryptoPotato, Animoca Brands, a Hong Kong-based Web3 giant, has disclosed $558 million in digital assets on its balance sheet in its latest unaudited financial disclosures. The company has also acquired an additional $266 million in digital assets through various recent investments and token launches since December 2023. The company's cash and stablecoin balance stands at $291 million.
Off the balance sheet, Animoca Brands’ Web3 subsidiaries hold token reserves totaling around $1.8 billion. This includes approximately $1.3 billion in highly liquid tokens and $542 million in tokens with lower liquidity. The latest figures do not account for the value of Animoca Brands’ approximately 400 minority investments in Web3 companies, as their valuation process is still ongoing.
Despite the challenging cryptocurrency market of 2023, Animoca Brands has continued to build and expand. The company is now well positioned to capitalize on the market rebound that has been evident over the last few months. This is particularly notable as Bitcoin recently reached a series of all-time high valuations and the Web3 gaming sector overall has strengthened considerably.
In response to crypto volatility last March, Animoca Brands adjusted the target of its metaverse fund 'Animoca Capital' by reducing it by 20%, from an initial $2 billion to $800 million. This followed a previous halving of the target to $1 billion. Overall, Animoca Capital, which was unveiled in November, faced a 60% reduction from its original target.