Animoca Brands releases FY2022 annual report
21 January 2026 - Animoca Brands Corporation Limited (“Animoca Brands'' or "the Company”) is pleased to announce the release of the FY2022 annual report, which is now available for download here.
The text of the Chairman’s Letter contained in the FY2022 annual report is reproduced below.
Dear Shareholders and Friends of Animoca Brands,
I am pleased to share the FY2022 annual report for Animoca Brands Corporation Limited (“Animoca Brands” or “the Company”). FY2022 was a year that tested the resilience of our industry and validated our strategy to build Animoca Brands into a foundational company in the digital asset ecosystem. While the year presented significant challenges, the Company emerged stronger, more focused, and better positioned for the future.
FY2022 was another strong year for financial performance following the record-setting performance in FY2021. Bookings for the financial year increased to A$612 million from A$450 million the previous year. Net assets grew to A$460 million in FY2022 from A$337 million the previous year. As always, it is important to note that traditional accounting treatments can cause divergences between the economics of the Company and their presentation in the financial statements. For example, despite reporting record bookings in FY2022, the Company reported a net loss of A$519 million; albeit, an improvement over the net loss of A$671 million in FY2021. This is due to large, non-cash accounting charges and impairments (see Note 44 to the consolidated financial statements).
Industry Context
FY2022 will be remembered as a tumultuous year in the digital asset industry. The collapse of FTX in November 2022 sent shockwaves through the entire crypto ecosystem, exposing systemic failures in risk management, corporate governance, and basic financial controls. The fallout was immediate and severe: customer funds were misappropriated, billions of dollars in value evaporated overnight, and confidence in centralized exchanges suffered a devastating blow. The collapse of FTX followed the collapse of Terra Luna earlier in the same year, and generated profound uncertainty for the digital assets industry.
At Animoca Brands, these and similar events reinforced our conviction that the future of Web3 must be built on the most solid of foundations. While we had very limited direct exposure to FTX, the broader market turmoil affected everyone in our ecosystem, and powerfully underscored the importance of the principles we have long championed: digital ownership, transparent on-chain operations, and decentralized infrastructure that cannot be controlled or manipulated by a single entity. Far from shaking our resolve, the collapse of centralized intermediaries in 2022 reinforced our conviction that blockchain technology and true digital property rights provide the infrastructure for a more resilient, transparent, and equitable digital economy.
Strategic Evolution
Despite the market turmoil, FY2022 marked an important evolution in Animoca Brands' capabilities and market position. We continued to build on the basis that well-structured projects with strong fundamentals and genuine utility can attract significant interest and participation even in challenging market conditions. We significantly expanded our tokenization and token launch services, establishing ourselves as a trusted partner for major projects seeking to navigate the complex landscape of digital asset creation and distribution. Through building and launching our own token ecosystems, we were able to develop and provide services to companies in the Animoca Brands portfolio. In the last few years we have further bolstered our industryleading capabilities for tokenomics design and community engagement, and we have grown the technical infrastructure required to launch and support major digital assets.
Building on our experience with token launches, during FY2022 we also established comprehensive trading and treasury management services. The volatile market conditions created an urgent need for sophisticated digital asset treasury operations—services that could help projects and partners navigate the complexities of managing token reserves, optimize liquidity, and implement risk management strategies appropriate to the unique characteristics of digital assets.
Trading and treasury management services have become increasingly important to our partners and portfolio companies, particularly as many sought to strengthen their financial positions and risk management practices in the wake of 2022's market events. Our trading and treasury management capabilities draw on our experience as one of the industry's most active accumulators and managers of digital assets. By providing institutional-grade services, Animoca Brands seeks to enable promising projects to focus on building and delivering value rather than being distracted or derailed by treasury operations.
Corporate Development
In FY2022, we also began exploring strategic options to enhance our corporate structure and market position, laying the groundwork that would eventually lead to a number of significant developments. The strategic planning we undertook in 2022 established the foundation for what would later become a proposal for a reverse merger transaction with Currenc Group. The proposed reverse merger is a path to becoming a listed company on the Nasdaq, in the US, and would provide enhanced liquidity and market access for our shareholders.
Financial Performance and Operations
FY2022 tested the Company’s operational discipline and financial resilience. While financial metrics for the year are detailed in the accompanying financial statements, it is worth highlighting that we continued to grow our digital asset base even as many competitors retrenched or failed. Our portfolio of investments remained robust, with holdings in several hundred companies and projects across the Web3 ecosystem, many of which continued to build and innovate despite challenging market conditions. While some accounting treatments continued to create disparities between our reported financial results and our economic reality – a challenge we have discussed in previous years – our underlying business fundamentals remained sound.
Since FY2022, the Company has continued to invest in strengthening financial reporting and completing historical financial statements, which are important milestones for the closing of the proposed reverse merger. We have tripled our staff focused on financial reporting and are working with top-tier advisors to improve processes.
Looking Forward
While 2025 was a challenging year for our industry, various trends point to a future that is looking more digital than ever before. For example, we can be quite certain that the field of AI will continue to grow; we reason that the primary asset classes of digital native generations will be tokenised and, despite fluctuations, crypto trends will continue to reflect significant growth and adoption. I therefore believe there are excellent reasons to be optimistic about the performance of the crypto industry over the next few years.
Today we see forming around us the future we foresaw seven years ago, back when the price of Bitcoin was hovering around US$3,000 dollars and the market capitalization of all digital assets stood at around US$130 billion. Today, Bitcoin is around US$89,000 and has cemented itself as the world’s de facto digital store of value, while the market cap of cryptocurrencies is roughly US$3.0 trillion.
It is estimated that there are over 700 million users who own crypto and around 70 million (or 10%) of them are active monthly. The growth and adoption of crypto has been strong thus far and we are optimistic about the industry’s expansion, which calls to mind the growth and adoption of the Internet. Web3 in 2026 is rather similar to the Internet in 2002, as the market was recovering after the burst of the dotcom bubble: back then many of today’s unrivalled giants (including Amazon, Google, and Alibaba) were mere fledglings.
I think that 2026 will mark an inflection point as Web3 transitions decisively from being driven in significant part by speculation to being driven primarily by utility and value delivered to users. Bitcoin has already cemented its role as digital gold, but the broader token-based economy – which spans DeFi, gaming, NFTs, and real-world assets – is now poised to become a mighty engine of innovation and value creation. Animoca Brands, with one of the most important and widest investment portfolios in this sector, is well-positioned to take advantage of market growth.
Regulatory clarity is beginning to emerge around the world, including anticipated U.S. frameworks defining digital asset treatment. A strong and clear regulatory framework will unlock broader corporate and institutional participation in crypto, further accelerating its growth and adoption. Tokenization of real-world assets – ranging from intellectual property and royalties to financial products – has begun and will bring substantial value on-chain while transforming previously static holdings into liquid, programmable capital. We believe hundreds of millions of users will be on-chain in 2026 with RWAs and stablecoins leading the way.
The evolution of Web3 is creating a new investment cycle that favors resilient, established ecosystems backed by institutional support – echoing the maturation that leading technology companies underwent after the dotcom era. In 2025 was the year in which, crypto started becoming significantly more mainstream and accessible to public investors, and we believe that that trend will continue in 2026. Growing institutional participation in the world of crypto and Web3 provides a highly favourable backdrop to our proposed reverse merger with Currenc Group, which (when completed) would see Animoca Brands become listed on the Nasdaq and readily available to a broad and technology-savvy investor base.
Blockchain infrastructure will continue to move into the background of users’ experience, and consumers will adopt blockchain services simply because they are useful, engaging, and more inclusive. Whether for gaming, digital ownership, or access to new financial solutions, consumers will gain increasing exposure to underlying Web3 technologies. This is a natural evolution for many important consumer technologies: for example, we used to call digital music “MP3” but today we just call it “music”. With the acceleration in tokenization underway across multiple sectors, financial literacy will become a defining competitive advantage for individuals and enterprises alike. Just as digital literacy determined which businesses thrived in the Internet era, the ability to understand and deploy tokenized models will shape who captures value over the next decade. The future is tokenized, and Animoca Brands is one of the leading players in the field of tokenization.
As we look to the future, I would like to express my deep gratitude to everyone who has stood with Animoca Brands during our growth and evolution. To our shareholders, I thank you for your patience and continued confidence in our vision and strategy. To our team members all over the world, thank you for your dedication, resilience, and unwavering commitment to our mission through good and bad times. To our portfolio companies, partners, and the broader Web3 community, thank you for continuing to build and innovate in this exciting new field brimming over with ideas and novel approaches. And to our customers and token holders, thank you for your engagement and support, and for helping to make Animoca Brands what it is today.
With gratitude and optimism,
Yat Siu
Co-founder and Executive Chairman
Animoca Brands