The update shows $194 million in cash, $566 million in digital assets and $2.7 billion in off-balance sheet token reserves for other majority-owned Web3 subsidiaries.
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.
Related: ‘No shortage of passion in the Parisian people’ for PBW amid protests — Animoca Brands CEO
The company immediately responded and denied the reports. On March 25, Animoca Brands told Cointelegraph that the claims were incorrect. The firm downplayed suggestions that its valuation plummeted and that it scaled back its metaverse fund target. The company’s co-founder Yat Siu highlighted that the source’s anonymity also makes it difficult to determine their agenda.
“Angry Birds was not created by Activision.” @viewfromhk, CEO of @animocabrands, explains in our exclusive chat at @ParisBlockWeek that major game companies don’t always drive innovation.
Is it time for a new generation of game developers to shine in Web3? #PBW2023 pic.twitter.com/UwcujLeGYY
— Cointelegraph (@Cointelegraph) March 22, 2023
In other news, crypto exchange Kraken has created a fake crypto account to bait fraudsters. The company collaborated with popular streamer Kitboga, famous for annoying scammers with his content. Kraken built a custom environment to frustrate someone impersonating United States President Joe Biden.
