cryptonews.net
VeChain's second-quarter financial report shows a decline in the value of treasury assets from $380.4 mln to $311.3 mln amid a bear market. VeChain, a crypto project focused on the logistics market, published its financial report for the second quarter of the year. The firm published the financial report on its official blog on the Medium platform. VeChain said the report provides a detailed overview of its financial performance, operational performance and strategic achievements during the quarter.
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 second-quarter operating expenses of $19,503,661 (more than $19.5 mln). According to VeChain, the expenses arose as a result of various obligations.
Notably, the Q2 financial report reflects VeChain's balance sheet for previous quarters. Interestingly, the company's treasury was valued at over $380.4 mln in March 2023. However, the current $311.3 mln reported for the second quarter implies the firm's assets have been depleted by nearly $70 mln. According to the report, VeChain's cryptocurrency portfolio was hit the hardest, falling from nearly $350 mln to about $280 mln. This decline can be attributed to the persistent bear market since this year. Meanwhile, stablecoin holding VeChain recorded a notable drop of over $2.65 mln.
Image: Binance Academy