coinspress.com
Despite the recent downturn in the overall market as a result of enforcement actions taken by the US Securities and Exchange Commission (SEC), VeChain (VET) appears to be unaffected.
According to a recent quarterly report, VeChain has reported a significant increase of nearly 30% in its Treasury holdings.
Financial records disclosed by the blog indicate that the holdings have risen from $275 million in the fourth quarter of 2022 to $380 million in the first quarter of 2023. However, it should be noted that this represents a decrease compared to the $1.2 billion reported in May 2022.
The digital asset industry has experienced significant volatility throughout the year, primarily due to the SEC’s actions against Coinbase and Binance, which initially posed a threat to the overall market. However, the market witnessed a boost when several established financial giants filed Spot Bitcoin ETF applications, which positively impacted the leading cryptocurrency.
VeChain’s latest quarterly report highlights a noteworthy increase in its treasury holdings, with an emphasis on $34 million being held in stablecoins. However, these holdings have declined since the fourth quarter of 2022.
Moreover, VeChain’s holdings in Bitcoin (BTC), Ethereum (ETH), and VET have collectively grown by over $100 million. However, the specific details regarding the distribution of these tokens were not directly disclosed in the earnings report, aside from being categorized into stablecoins and the three other digital currencies.
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On the other hand, while the report does not reveal the company’s revenue, it does disclose various expenses. Notably, $3 million was spent on operations during the year’s first quarter, and an additional $1.5 million was allocated to technical operations. However, other expenses did not surpass the million-dollar mark during the first quarter.
The VeChain ecosystem has continued to expand this year, with several significant developments underway. Notably, the release of the VeWorld Wallet, a self-custody wallet for consumers, and the unveiling of Whitepaper 3.0 by the VeChain Foundation in March signify important milestones for the company.