This Web3 investing giant owns $558 million in crypto

Animoca Brands, a top Web3 investor and the company behind subsidiaries such as The Sandbox, Eden Games and SPORTPASS, holds a staggering $558 million in cryptocurrency.

The company revealed this in an unaudited financial statement published on Wednesday, April 17, 2024.

Animoca Brands also holds $291 million cash and stablecoins

Animoca Brands’ interim financial update shows assets as of March 31, 2024 as $558 million, an increase of $266 million in crypto from December 2023. As well as the digital assets on its balance sheet, the company also holds a cash and stablecoin balance of $291 million.

“Having continued to build and expand through the difficult cryptocurrency market of 2023, the company is now well placed to capitalise on the market rebound evident over the last few months,” Animoca Brands noted in the disclosure.

According to the update, Bitcoin’s recent surge to a new all-time high and the resurgence seen across the Web3 gaming sector has strengthened the overall market.

Animoca Brands is one of the leading investors in the blockchain and crypto space. Top projects in its portfolio include Yuga Labs, Opensea, Axie Infinity, Dapper Labs and Magic Eden. The metaverse and gaming giant became the largest validator for TON blockchain in November 2023.

Altogether, the company has a strong investing record cutting across 400 projects.

Counting investments from its subsidiaries, Animoca Brands holds about $1.8 billion in off-balance sheet reserves. Roughly $1.3 billion of this is in liquid tokens and about $542 million are in “lower-liquidity tokens.”

Animoca also announced that it would be providing additional financial updates in due course. Currently, its audited financial statements for 2021 “are in progress.”

Meanwhile, unaudited financial and business positions for the fiscal year 2023 should be available in the second quarter of 2024.

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