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Animoca Brands has officially completed the long-delayed audit of its financial results for 2021, marking a key milestone in its efforts to build credibility as a major player in the Web3 space. The audit process, stalled due to a mid-year switch in auditors and the complexities of reconciling crypto assets with traditional accounting rules, is now complete.
Good to know
2021 was the year blockchain gaming exploded—and Animoca was right at the center of it. Investments in The Sandbox, Alien Worlds, Splinterlands, and Yield Guild Games paid off during a time when Web3 gaming projects like Axie Infinity saw global momentum.
Originally a mobile games publisher, Animoca’s pivot to blockchain in 2021 transformed the company’s fortunes. Its operating cash flow soared from A$8 million to A$382 million, and net assets went from a deficit to hundreds of millions in value.
Chairman Yat Siu noted that the company’s fast growth in 2021 created new challenges: “The process has laid the foundation for more timely completion of the remaining compliance matters outstanding.”
Siu also acknowledged the audit as a crucial step toward a potential US IPO.
The delay stemmed in part from Animoca switching auditors in the middle of 2021, with Hall Chadwick stepping in. That change complicated the process but, according to Siu, it set up a more efficient path for future reporting.
While investors waited on the audit, Animoca continued to grow. Its most recent (unaudited) FY2024 numbers show $314 million in bookings and a total asset base of $4.3 billion.
Despite headwinds like the collapse of FTX and Terra Luna in 2022, Siu believes the digital asset industry is stronger than ever. “The fundamentals of our industry have continued to improve,” he said, citing a $3.4 trillion crypto market cap and rising NFT sales.
Siu said Animoca has matured into a key operator in digital asset accumulation and tokenization. “Our strategy is unique—we not only originate high-value projects but also work as an ecosystem partner, investor, advisor, and publisher.”
The company is also developing a stablecoin with Hong Kong Telecom and Standard Chartered under the oversight of the Hong Kong Monetary Authority. It is exploring collaborations with global sovereign wealth funds as well.
Siu said the shift in regulatory tone is promising: “The global regulatory landscape is evolving very positively, particularly in the United States. There is a sentiment shift toward fostering innovation.”
Looking ahead, Siu stressed Animoca’s long-term mission: “True digital ownership will be the cornerstone of a new era of economic opportunity. We are not just building a company—we are building a movement.”