Animoca Brands Corporation Limited has released its annual report for the fiscal year ended December 31, 2023, highlighting a period of strategic repositioning during one of the most difficult phases for the digital asset sector. The company, known for its involvement in blockchain, gaming, and crypto focused initiatives, used the challenging environment to build foundations for long-term resilience and diversification.
The broader industry faced headwinds at the start of 2023, with Bitcoin prices dipping below US$17,000 following the FTX collapse.
Despite these pressures, Animoca Brands advanced initiatives aimed at transforming itself into a more robust, cycle-resistant digital conglomerate.
Key early steps included exploring a major joint venture focused on stablecoins with partners like Standard Chartered and HKT—a move that later led to a licensed issuer in Hong Kong by 2026.
The company also strengthened its digital asset trading capabilities and advisory services, while beginning explorations into real-world assets (RWAs).
On the financial side, the company recorded bookings of approximately $280 million for FY2023, down from $402 million the previous year.
This decline stemmed largely from reduced activity in the digital asset space amid the prolonged crypto winter.
Bookings broke down into roughly US$77 million from digital asset advisory (including token services, trading, and node operations), $182 million from subsidiary sales and incubated projects (such as token and NFT sales plus in-app purchases), and $21 million from investment activities.
Operating expenses rose modestly to $246 million from $234 million, driven by an expanded group of subsidiaries following prior acquisitions, though cost controls and the new advisory line helped mitigate the increase.
The firm maintained strong liquidity with US$175 million in cash and stablecoins, alongside $203 million in digital assets on the balance sheet—primarily in major cryptocurrencies like BTC, ETH, APE, and MATIC. Off-balance sheet token reserves stood at about $1.6 billion.
The company also raised $83 million through equity and convertible notes.
Product and ecosystem developments remained central.
The launch of Open Campus advanced decentralized education goals, enabling on-chain credentials and partnering with numerous organizations.
Investments in digital identity progressed through the Moca Network, while Mocaverse expanded its NFT membership and introduced decentralized identifiers.
The Sandbox continued growing, with increased user and creator engagement, and GAMEE deepened its Telegram integration through a partnership with the TON Blockchain.
Chairman Yat Siu emphasized in the report that FY2023 initiatives in stablecoins, RWAs, digital identity, and education have positioned the company well for the emerging “agentic web”—an era where autonomous AI agents drive economic activity.
This vision materialized further with the 2026 launch of Minds, an AI agent platform that leverages the firm’s prior infrastructure in identity, ownership, and decentralized finance.
Despite a net loss reduction from prior years, Animoca Brands demonstrated adaptability by diversifying revenue streams and investing in forward-looking technologies. The report underscores the company’s commitment to building ownership-centric digital infrastructure that aligns with evolving internet paradigms.