Animoca Brands has reported a significant 72% increase in bookings for Q1 2024 compared to Q1 2023, driven by growth in digital asset advisory, Web3 subsidiaries, and investment management.
Points
- Animoca Brands’ bookings increased by 72% in Q1 2024 year-over-year.
- The company reported $65 million from digital asset advisory.
- Operating costs were reduced by 14%, enhancing profitability.
- The total “cash and stablecoin assets” increased by 66% during Q1 2024.
Animoca Brands has published its first-quarter investor update, revealing a substantial 72% increase in bookings for Q1 2024 compared to Q1 2023. The company reported $65 million from digital asset advisory, which includes token advisory, trading, and blockchain node operations. Additionally, Animoca Brands generated $19 million from its Web3 subsidiaries and startup partnerships, and $6 million from investment management.
The increase in bookings was further bolstered by a 14% reduction in operating costs, with expenses dropping from $64 million in Q1 2023 to $55 million in Q1 2024. Despite these numbers, the company’s total “cash and stablecoin assets” rose by 66%, from $175 million at the end of December 2023 to $291 million by the end of March 2024. These gains were largely attributed to realized gains on token transactions in The Sandbox, a controlled subsidiary of Animoca Brands.
The company is also preparing for a potential reentry into the Australian Securities Exchange, shoring up its finances ahead of this anticipated move. The Sandbox, with 5.7 million users, continues to be a significant contributor to Animoca Brands’ success.
Explanation
- Digital Asset Advisory: Services provided to help clients navigate the digital asset landscape, including advice on token issuance and trading strategies.
- Web3: The next generation of the internet, characterized by decentralized protocols and blockchain technology.
- Operating Costs: The expenses incurred in the normal course of running a business.
Animoca Brands’ impressive growth in bookings and strategic financial management highlight its strong position in the digital asset and Web3 sectors, setting the stage for continued success.
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