If Animoca was a normal company operating in a normal sector...

If Animoca was a normal company operating in a normal sector then it would be ridiculous to imagine that they are currently finalising the 5th or 6th CR of this calendar year. But this is Animoca and they are not a normal company!

They are spending like crazy, because it makes perfect business sense at the moment. For every dollar that they raise, they can deploy it so that it grows 2x-100x+ in the short to medium term.

They are in the land grab phase, investing and acquiring companies that directly and indirectly enhance the Animoca ecosystem. They are also ramping up investments in their in-house games and products. It all costs a lot of money.

When Yat states that they don't need the cash, he is referring to if they switched-off the growth tap. If they want to grow big and fast, then they need capital and lots of it.

Raising relatively small amounts of capital every few months at ever higher valuations seems to be more preferable than a huge raise every 12-18 months.

I've learnt to expect the unexpected when it comes to Animoca. Long may they continue to surprise us with capital raise after capital raise!