Animoca Brands FY2025 Performance and FY2026 Outlook

Key insights

7 takeaways

01
FY2025 Bookings totaled US$173 million, split into US$25 million for Digital Asset Advisory, US$95 million for Digital Asset Operating Businesses, and US$53 million for Investments and Asset Management.See it on page 3
02
Operating expenses excluding non-cash and non-token-based payments were US$175 million, a US$65 million reduction from the prior year.See it on page 3
03
The average valuation of token launches contracted by approximately 75% over the previous year, although 24 token launches were completed compared with 25 in FY2024.See it on page 4
04
Pillar 2 bookings contracted by 11%, while Pillar 3 adjusted downward by only 5%.See it on page 4
05
The Sandbox headcount was reduced from 240 to 92 personnel (-62%) during FY2025, and its consolidated operating expenses declined by more than 75% year-on-year.See it on page 13
06
Minds by Animoca Brands reached a processing volume of 936 billion monthly tokens in July 2026, compared with 4.2 trillion tokens reached by OpenClaw in the same month.See it on page 9
07
The company's Moca Network holds a MOCA token reserve valued at US$131 million as of 31 December 2025.See it on page 13

Summary

Animoca Brands Corporation Limited, a digital assets group, issued an unaudited investor update covering its fiscal year ending 31 December 2025 (FY2025) and its FY2026 outlook, dated September 2026. The update covers business units including The Sandbox, Open Campus, Moca Network, and the Minds by Animoca Brands agentic AI product, and reports non-IFRS financial measures. The Company recorded Bookings of US$173 million for FY2025, split into Pillar 1 (Digital Asset Advisory) at US$25 million, Pillar 2 (Digital Asset Operating Businesses) at US$95 million, and Pillar 3 (Investments and Asset Management) at US$53 million. Operating expenses excluding non-cash and non-token-based payments totaled US$175 million, a US$65 million reduction from the prior year. The document states that the average valuation of token launches contracted by approximately 75% over the previous year, while Pillar 2 bookings contracted by 11% and Pillar 3 adjusted downward by 5%. Minority investments were reported at a consolidated fair value of US$411 million across over 620 portfolio companies, and off-balance sheet token reserves at US$306 million.