Sunday, May 26, 2024

SAND Soars 17% as The Sandbox Reportedly Plans to Raise $400M at $4B Valuation

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The Sandbox, an Animoca Brand Corp-owned blockchain-based online game, seeks to raise $400 million in a fresh funding round that would put its valuation at $4 billion. The project’s native token soared by double-digits as the reports surfaced.

The coverage from Bloomberg, citing anonymous people familiar with the matter, said the team behind the project is considering raising $400 million from new and existing investors.
If completed, this funding round will follow a previous one from November last year, when The Sandbox completed a $93 million round led by SoftBank.
Nevertheless, the sources asserted that the conditions around the plausible new fundraiser are not yet set, as they can change depending on the market landscape.
The Sandbox has expanded well beyond its initial gaming plans and has outlined intentions to have a Metaverse platform of its own. As such, it managed to attract prominent names such as HSBC.
As reported earlier this year, the British banking organization said it wanted to enter the Metaverse as well and collaborated with The Sandbox. Moreover, the bank vowed to purchase virtual real estate in the form of LAND.
Aside from the potential funding round, Sebastien Borgen – chief operating officer and co-founder of The Sandbox – recently refuted any assumptions that the company will conduct an IPO to go public.
Today’s Bloomberg report coincided with a substantial price increase of SAND. The asset traded below $2.55 yesterday but soared by 17% to an intraday high of $2.95.

SANDUSD. Source: TradingView

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