Animoca valued as web3 holding

The $6 billion mark showed that investors were underwriting Animoca less like a single game studio and more like a holding company for web3 gaming assets. By September 2022, the company had already jumped from a $1 billion pre money valuation in July 2021 to above $5 billion in January 2022, then used the note raise to fund more acquisitions, investments, product work, and IP deals across its game, token, and venture portfolio.1 2 3 4

• The structure mattered. This was a convertible note at A$4.50 per share, not a plain priced equity round, which let Animoca bring in blue chip investors while keeping momentum after the January 2022 raise. The company said the September round was priced similarly to the previous one, which is why the headline moved from over $5 billion to roughly $6 billion rather than stepping up dramatically.1 2 3
• What investors were buying was a bundle. Animoca owned and backed games and marketplaces, held tokens on balance sheet, and used licensed brands to pull users into products like The Sandbox and Quidd. That mix can scale faster than a normal publisher because each new investment or IP deal can feed users, assets, and liquidity back into the broader network.4
• The comparable set was unusual for gaming. Connected Sacra research around Epic Games, Rec Room, and Voodoo points to companies valued mainly on hit games, user growth, or ad and in app revenue. Animoca was being valued on those things plus venture marks, token exposure, and the idea that open metaverse infrastructure could become more valuable as more projects plugged into it.4 5 6 7

Going forward, the path from $6 billion depends on turning a portfolio of stakes, tokens, and branded game properties into steadier operating cash flow. If web3 gaming matures from speculative asset trading into repeat play, creator economies, and in game commerce, Animoca is positioned to look less like a cycle driven crypto investor and more like core infrastructure for game based digital ownership.4