Animoca Brands’ latest capital-raising in October valued the former ASX listed company at an eye-popping US$2.2 billion — but investors might have gotten an amazing bargain.

The currently unlisted Hong Kong-based company last night released unaudited financial data, disclosing that its treasury holds US$15.9 billion worth of its own project tokens at the end of November, based on Coinmarketcap data.

The company’s treasury of  SAND, REVV, TOWER, GMEE, and LMT tokens were worth just US$2.9 billion as of September 30, but have exploded in value since then, in part thanks to a rally inspired by Facebook’s name change to Meta.

For example, the SAND token that power Animoca’s The Sandbox virtual world soared from US67c as of September 30 to $6.77 as of November 30, also fueled by enthusiasm for the alpha launch of the metaverse platform. (SAND tokens have cooled off slightly since then, trading at US$5.38 this morning).

Building a new society

Animoca founder and chairman Yat Siu noted that a year ago, the company highlighted that the monthly trade volume of SAND and REVV tokens had been $245 million, more than the GDP of Djibouti and Bhutan.

“We noted then (and do so again now) that this is not a rigorous analysis and is intended for illustration only. But we really thought that was impressive,” Siu wrote.

But today, the monthly trade volume of those two tokens is US$10 billion –  more than Slovakia, and just behind Morocco.

“These results reinforce our view that building the open metaverse — which encompasses a multitude of metaverses within it — is extremely similar to building an entirely new society, akin to a community-based nation,” he wrote.

“And, just like nations, the metaverses that serve the interests of their communities will be the most successful ones.”

Other assets

Animoca also held third-party tokens worth US$456.3 million as of September 30, including Axie Infinity’s AXS token and FLOW coins.

The company also has shareholdings in companies such as Axie Infinity creator Sky Mavis, NFT marketplace Opensea, NBA Top Shot creator Dapper Labs, and many others.

Animoca earned $184.4 million (US$140 million) in bookings for the nine months to September 30, while gains on investments and digital assets accounted for $697.6 million (US$529.6 million).

At the end of the quarter, the company had a cash balance of $49.9 million (US$35.9 million), plus $155.7 million (US$112.1 million) in Bitcoin, Ethereum, BNB and the stablecoins USDC, USDT and BUSD.

 

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