- Animoca Brands Co-Founder Yat Siu said the company is doing well financially, unlike as suggested by rumors around its debts.
- Siu said the company’s recent financial reports show a healthy and sizable cash and asset portfolio.
- The rumors about its stability started after auditors revealed the company had over $110 million in debts.
Animoca Brands Co-Founder and Chief Executive Yat Siu, in an interview with Bloomberg, dispelled debt rumors that suggested the company was materially unstable. The CEO of the Australian crypto firm said that despite the prevailing market conditions, the company is doing fine.
Siu said the company’s latest financial report shows that the company does not have any debt issues. According to him, the company has over $190 million in cash and stables and over $1.6 billion in assets and equities.
Furthermore, he stated that the sizable portion of its crypto assets and healthy cash balance reflect the company’s good financial situation. Siu said unless Bitcoin drops to $1000, then there is no need to worry. Additionally, he said the company will continue investing in crypto businesses despite its debts.
Recently, auditors for the company, now worth $7.8 billion, raised fears about the company’s viability due to a $110 million debt. However, the company has repeatedly stated that the debt wouldn’t impact its operations.
Away from his company’s troubles, Siu predicted a sustained recovery that would end the prolonged bear market. According to him, the key drivers for this recovery will be macroeconomic factors like a Bitcoin ETF approval in the US.
Siu mentioned that the ETFs are mass adoption tools to draw more people to the crypto ecosystem. As a result, their approval wouldn’t affect crypto exchanges. Additionally, he said ETFs will remove regulatory concerns on the part of the users.