Animoca Brands has cleared the air following anonymous sources suggesting that the firm’s valuation had dropped to $2 billion and that it was cutting $200 million of its Metaverse fund target.
Concerning the company’s valuation, Animoca asserted that the figures reported by Reuters and the “two other” unnamed people cited were inaccurate.
Animoca’s shares were initially listed on the Australian Stock Exchange in the firm’s early days. However, AB1 was due the ASX’s assertions that Animoca had breached its listing rules by being involved in crypto-related activities, among other things. Since then, its shares have traded on unlisted stock-focused exchanges such as the Sydney-based PrimaryMarkets.The data from this platform was used to calculate a total market cap of AB1 at around roughly $2 billion. However, Animoca argues that these figures don’t paint the full picture of the company’s total valuation.“The claim [...] that Animoca Brands ‘now trades its shares on PrimaryMarkets’ is not technically correct.
“We do not consider the thin trading activity on PrimaryMarkets to accurately reflect the company's value. Trading volume is far too low to provide the price accuracy you would find on an actual primary market.”
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