• Animoca Brands released an interim financial report revealing $3.4 billion in assets.
• The firm highlighted a cash and stable balance worth $194 million, liquid digital assets worth $566 million, and off-balance sheet tokens worth $2.7 billion for majority-owned subsidiaries.
• Reports of the company’s valuation plummeting were denied by Animoca Brands.
Animoca Brands Releases Interim Financial Report
Animoca Brands has released an interim financial report laying out its key unaudited financial positions as of April 30, 2023. The company reported around $3.4 billion in assets, including a cash and stable balance worth of $194 million, liquid digital assets valued at $566 million — including reserves in The Sandbox SAND tokens — and off-balance sheet token reserves for other majority-owned Web3 subsidiaries amounting to $2.7 billion.
Recent Reports Denied
The update 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. However, immediately after this report was published, Animoca Brands denied such claims and downplayed suggestions that its valuation plummeted or that it scaled back its metaverse fund target.
Additional Updates Planned
Animoca Brands promised to release additional financial updates beginning with an audited financial statement for 2020 as well as future business highlights for 2022 and the first quarter of 2023.
Kraken Creates Fake Crypto Account
In other news, crypto exchange Kraken recently created a fake crypto account to bait fraudsters in collaboration with popular streamer Kitboga famous for annoying scammers with his content. The custom environment was created to frustrate those attempting to scam people out of their funds on Kraken’s platform by providing false information about trading activity on the account associated with Kitboga’s character “Grandma Shirley”.
Despite reports claiming otherwise, Animoca Brands‘ recent interim financial report revealed strong finances supported by assets totaling over 3 billion dollars and additional plans for further business highlights being released soon afterwards