Venture capital firm Animoca Brands has released an interim financial report setting out key unaudited financials for the period ending April 30, 2023. The company disclosed about $3.4 billion in assets, claiming its financials remain strong despite recent reports that its valuation has plummeted.
In the update, the company highlighted $194 million worth of cash and stable balances, and $566 million worth of liquid digital assets including reserves held in The Sandbox Tokens and $2.7 billion worth of off-balance sheet tokens for all other Animoca Brands-con trolled Web3 subsidiaries .
According to the company, further financial updates will be issued starting with the 2020 audited financial statements. The company also committed to releasing financial and business highlights for 2022 and the first quarter of 2023. The release of the update follows rumors that the company is facing financial troubles. On March 24, Reuters reported, citing anonymous sources, that the firm had lowered its metaverse fund target to $800 million, lowering its valuation from $6 billion to $2 billion. The company responded immediately and denied the report. On March 25, Animoca Brands told Cointelegraph that these claims are incorrect. The firm played down suggestions that its valuation had plummeted and that it was scaling back its metaverse fund target. The company's co-founder, Yat Siu,emphasized that the anonymity of the sources also makes it difficult to determine their agenda.
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