Ann: Leads investment into Sky Mavis, maker of Axie Infinity, page-179

Sky Mavis have raised a total US$9m to date in two rounds. Animoca was lead investor in the Seed round. This tells me that they are cautious against dilution as they could've raised ten times more than this, particularly in the series A round.

These calculations are fraught with difficulties, but a ballpark figure might be:

Assume seed investors got 5% of company. Animoca holds 1.4% at a valuation of US$30m (based on Axie Infinity being among the highest-grossing blockchain games, with sales of over US$1.1m at the time)
Venture Beat suggests that its market value is over US$2b as of May 2021. Let's go with this valuation, which might be conservative.

Assuming Animoca has held onto all their shares, approx value is US$28m.

However, you only need to tweak one variable to get a markedly different valuation, tweak two or three and you could end up with a range of US$5m to $100m +. The margin for error is huge.

It's quite pathetic that Animoca do not provide shareholders with an approx book value for their portfolio of 70+ investments. This could be over US$100m (or 10% of the company's valuation), but its impossible to estimate.

They could/should also provide the return on their investment portfolio. 1000%+ return in a few years would only enhance their reputation.