Animoca Brands’ Advisory Overtook Web3 Businesses in 2024 as the Yat Siu-Led Firm Pivots

Animoca Brands’ most recent year-end financial report shows a shift in the company’s focus, with the web3 giant run reporting that its Digital Assets Advisory has edged out its traditional revenue source.

The firm’s advisory unit generated $165 million in 2024, a 116% year-over-year increase. According to a release, this division provides web3 projects with token advisory, tokenomics, marketing, listing advisory, node operation, and trading services.

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Animoca said it generated $110 million in bookings from web3 businesses – its traditional territory of gaming and NFTs – while $39 million came from investment gains and venture management fees.

This change in its web3 business reflects an approximately 40% year-over-year drop from the $182 million it reported last year.

Overall, the company looks to have strengthened its balance sheet in 2024, holding $293 million in cash and stablecoins, $538 million in digital assets, and $2.9 billion in off-balance-sheet token reserves.

Its minority investments totaled $564 million across 540 companies, reflecting a 67% increase in cash reserves and a 165% rise in digital asset holdings.

While the number of portfolio investments increased to 540 from 450 noted, Animoca’s private investment holdings dropped 18%, falling from $690 million to $564 million, due to token unlocks, equity exits, and asset write-downs weighed on valuations.

Late last year, Animoca opened a large new office in Hong Kong – bucking a trend in the city that saw TradFi firms downsizing and reducing headcount as well as square footage.

 

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