Animoca Brands fights rumours with financial disclosures

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. 

Within the update, the company highlighted a cash and stable balance worth $194 million, 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.

According to the firm, it will release additional financial updates beginning with an audited financial statement for 2020. The firm also promised to release financial and business highlights for 2022 and the first quarter of 2023.

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.

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