Animoca Brands Reports Significant Revenue Growth In Q3 2024

According to Foresight News, Animoca Brands has released its financial results for the second and third quarters of 2024. The company reported a total revenue of $69 million for the third quarter, marking a 43.8% increase from the previous quarter and a 165% rise compared to the same period last year. This substantial growth in revenue was primarily driven by three major business segments. The Digital Asset Advisory (DAA) division contributed $25 million, while the Web3 operations business generated $39 million. Additionally, the investment management segment added $5 million to the overall revenue. As of the end of September 2024, Animoca Brands held $248 million in cash and stablecoins. The company also maintained $330 million in liquid digital assets, which include cryptocurrencies such as Ethereum (ETH), Bitcoin (BTC), and ApeCoin (APE). Furthermore, Animoca Brands possesses off-balance sheet token reserves valued at $1.6 billion. These reserves comprise various tokens, including SAND, EDU, MOCA, REVV, TOWER, and GMEE, among others. This diverse portfolio highlights the company's strategic investments and its commitment to expanding its presence in the digital asset and Web3 sectors.