Animoca Brands Achieves 43.8% Revenue Growth in Q3 2024

Animoca Brands Reports Record Growth in Q3 2024 Financial Results

According to Foresight News, Animoca Brands has posted impressive financial results for the second and third quarters of 2024. The company announced a significant total revenue of $69 million for the third quarter. This figure reflects a 43.8% increase from the previous quarter and an astounding 165% rise compared to the same period last year.

Key Drivers Behind Revenue Growth

The substantial growth in revenue can be attributed to three major business segments:

• Digital Asset Advisory (DAA) Division: Contributed $25 million
• Web3 Operations Business: Generated $39 million
• Investment Management Segment: Added $5 million

Financial Health as of September 2024

At the end of September 2024, Animoca Brands reported robust financial health, holding $248 million in cash and stablecoins. In addition, the company maintained a substantial $330 million in liquid digital assets, which includes popular cryptocurrencies such as Ethereum (ETH), Bitcoin (BTC), and ApeCoin (APE).

Diverse Token Reserves

Animoca Brands also possesses off-balance sheet token reserves valued at $1.6 billion. This impressive portfolio comprises various tokens, including:

• SAND
• EDU
• MOCA
• REVV
• TOWER
• GMEE

This diverse portfolio highlights the company's strategic investments and reaffirmed commitment to expanding its presence in the digital asset and Web3 sectors.

Conclusion

Animoca Brands' remarkable growth in Q3 2024 showcases the potential of the digital asset and Web3 industries. With strong revenue growth and a healthy financial position, the company is well-positioned for future expansions and innovations in this rapidly evolving landscape.