Hong Kong-based blockchain gaming developer, Animoca Brands, has reportedly lowered the target for its metaverse fund by 20% to $800 million, according to sources familiar with the matter. This latest move indicates a further reduction in the company’s ambitions, following recent volatility in the crypto sector.
In November, Animoca Brands had announced that it was developing a new Animoca Capital fund with a target of $2 billion. However, the company later halved the target to $1 billion in January. It has now trimmed the target further to $800 million, said the sources who wished to remain anonymous.
Last July, Animoca Brands was valued at around $6 billion, following a funding round led by Singapore-based Temasek. However, its shares have recently traded at a significantly lower valuation in secondary markets. In fact, the market cap of Animoca Brands has fallen below $2 billion, according to two other sources.
The company was listed on the Australian Securities Exchange until 2020 but now trades its shares on PrimaryMarkets, a private secondary share trading platform. Latest data on the platform shows that the company’s market cap stood at just under AUD 1.9 billion ($1.26 billion) earlier this week.
