Animoca Brands has officially completed the audit of its financial year 2021 accounts, a process that had faced delays due to the challenges of integrating crypto-related financials into traditional accounting frameworks. The delay was also partly caused by the company’s decision to change its auditors in the middle of 2021, appointing Hall Chadwick to take over the process. This transition introduced additional complexity but, according to chairman Yat Siu, it also helped establish the groundwork for improving the timeliness and accuracy of future financial reports.

Animoca Brands Prepares for IPO

Animoca Brands Prepares for IPO

The finalization of the FY2021 audit is seen as a significant development for the company, especially in the context of its long-term strategic plans. Siu recently confirmed that the company is considering an initial public offering (IPO) in the United States, and having completed the audit is viewed as an essential step toward that objective. The audit not only brings Animoca into compliance but also strengthens its financial credibility as it navigates growth within the evolving web3 gaming ecosystem.

Yat Siu commented: "As I reflect on our humble beginnings since we embarked on our mission to deliver digital property rights to the world, as I note how our once small company has blossomed into a global industry leader, I wish to once again extend my deepest appreciation to all those who made that transformation possible: our shareholders, team, group and portfolio companies, and (of course) our customers and stakeholders."

Animoca Brands Prepares for IPO

FY2021 Marks Shift from Mobile to Blockchain Gaming

The fiscal year 2021 was a turning point for Animoca Brands, coinciding with a broader industry shift toward blockchain gaming. The company, previously focused on mobile game publishing, expanded rapidly into the web3 space. This strategic shift aligned with the sector’s overall growth, illustrated by the rise of projects such as Axie Infinity, The Sandbox, Alien Worlds, Splinterlands, and Yield Guild Games. Animoca invested in many of these initiatives, accelerating its position in the blockchain gaming industry.

Financially, this transition led to substantial year-on-year growth. Bookings increased from A$49 million in 2020 to A$450 million in 2021. Net operating cash flow rose from A$8 million to A$382 million, while net assets shifted from a deficit of A$385,000 to a positive A$337 million. These figures reflect the company’s shift in direction and its ability to capitalize on new market opportunities within web3 gaming.

Animoca Brands Prepares for IPO

Current Position and Outlook

Although the FY2021 audit took longer than anticipated, it sets a clearer path for Animoca Brands as it continues to expand. The most recent audit of its FY2024 accounts shows that the company ended that year with total assets valued at $4.3 billion. Bookings also continued to grow, with a reported 12 percent increase, reaching $314 million.

These developments indicate that Animoca remains an active and expanding force in the web3 gaming industry. The completion of the FY2021 audit not only resolves past compliance issues but also signals readiness for future strategic moves, including the possibility of entering public markets. As the regulatory environment around digital assets and blockchain evolves, the company's efforts to align its financial reporting with established standards may position it more favorably among investors and partners.