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VeChain’s Q2 financial report shows a decline in treasury value from $380.4 million to $311.3 million amid the bear market.
VeChain, the crypto project targeting the logistics market, has disclosed its financial statement for the year’s second quarter. The firm communicated the financial report via a post on its official blog on the Medium platform.
VeChain stated that the report offers a detailed perspective on its financial achievements, operational endeavors, and strategic advancements throughout the quarter.
VeChain Treasury for Q2
According to the report, VeChain’s total treasury value reached $311,363,588 as of June 30, 2023. The statement indicated that the figure was cumulative of the dollar value of the balances of its native token, VET, alongside its holdings of Bitcoin (BTC), Ethereum (ETH), and stablecoins.
On the other hand, the firm reported an operating expense of $19,503,661 (over $19.5 million) for Q2. According to VeChain, the expenditures resulted from various obligations and endeavors.
It includes marketing and PR services for its brand, ecosystem development, and tech-based infrastructural operations. Moreover, the expenditures encompassed legal and other unstated financial dealings.
VeChain emphasized that each expense was pivotal in advancing its mission and ecosystem growth support.
Notably, the Q2 financial statement captured VeChain’s balance sheet for previous quarters. Interestingly, the firm’s treasury was worth over $380.4 million in March 2023. However, the current $311.3 million reported for Q2 implies the firm’s holdings have depleted by nearly $70 million.
According to the report, VeChain’s cryptocurrency portfolio saw the worst hit, crashing from nearly $350 million to approximately $280 million. This decline may be attributed to the sustained bear market since this year. Meanwhile, VeChain’s stablecoin holding read a noticeable drop of over $2.65 million.
Also, the report captured some of VeChain’s achievements through the second quarter, including worthwhile partnerships and ecosystem advancements. Ultimately, VeChain stressed its unwavering commitment to fostering blockchain adoption and innovation in the financial report.