KEY POINTS
Venture capital firm Animoca Brands has provided a financial update regarding its involvement in Web3-related ventures and assets.
Despite the challenges faced by the crypto market in 2023, the company maintains financial stability, boasting a cash and stablecoin balance of $291 million as of March 31, 2024, according to a press release shared with Cryptoflies.
The company’s balance sheet reflects digital assets totaling $558 million, with an increase of $266 million since December 2023, attributed to various recent investments and token launches.
Additionally, off-balance sheet token reserves for all Animoca Brands Web3 subsidiaries stand at approximately $1.8 billion, comprising approximately $1.3 billion in liquid tokens and $542 million in lower-liquidity tokens.
This financial update excludes the valuation of the company’s approximately 400 minority investments in Web3 companies, as valuation processes are still underway.
Animoca Brands has been at the forefront of the Web3 arena, engaging in its own initiatives, collaborations, and investments.
Among its notable initiatives, in 2022, Animoca Brands launched the Mocaverse non-fungible token (NFT) collection, which witnessed all 8,888 PFP NFTs being sold out within 48 hours. Subsequently, the company partnered with Rarible to establish a dedicated marketplace for its Mocaverse NFTs and secured a $20 million funding round, led by CMCC Global, to support the project.
Recently, Animoca Brands has forged strategic partnerships aimed at fostering Web3 adoption and awareness in specific regions like Japan and Saudi Arabia. Last month, it collaborated with KACST to inaugurate a physical Web3 hub in Riyadh, while its Japanese subsidiary announced the upcoming launch of an NFT launchpad this summer, offering strategic marketing assistance and a sales platform for Web3 projects.
