Animoca Grew Crypto Assets to $5 Billion During Bitcoin Upheaval
- Firm booked $288 million via NFT and crypto sales in 2021
- It now has more than 340 portfolio investments in web3 gaming
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Animoca Brands Corp., backer of some of the most popular nonfungible token and web3 gaming projects, has increased its total digital assets by almost half in seven months, defying a broader cryptocurrency meltdown.
The Sequoia-backed venture held roughly $5 billion in crypto holdings -- which include Bitcoin, Tether and its own SAND tokens -- at the end of April, it said in a statement Monday, up from $3.5 billion in September last year. During the same period, the Hong Kong startup almost doubled the mainstream coins it held, and its cash balance surged 173% to $98 million.