"As always, we remain dedicated to providing transparency relating to expenses and assets under management at the VeChain Foundation," the foundation wrote while sharing a link to its balance sheet on Twitter.
According to the shared balance sheet, the company held assets (Bitcoin, Ethereum, VET, and stablecoins) with a total dollar-denominated worth of more than $535 million at the end of the second quarter. However, it is 44% less than the $1.2 billion it had in reserves at the end of the first quarter. Notably, the company blames this fall mainly on the drop in the value of crypto assets during this time. Despite the fall, the company claims it has a substantial enough reserve to withstand the market volatility for cryptocurrencies.
"With a reserve of over half a billion dollars, however, the VeChain Foundation is more than adequately positioned to weather the storm."
VeChain does not display how much exposure it has to each token, as was brought up by a user. Instead, it simply provides the current dollar value, which is much less transparent and subject to change depending on the state of the market. The business also provided a P/L statement or a breakdown of all costs. According to the data, the corporation spent the most on marketing and public relations, SDG initiatives, and legal expenses.
The business promotes its $100 million contract with the UFC under PR and marketing from June. It is also important to note that the report made public on Friday reveals that the UFC consented to accept payment in VET as a sign of support for the token and VeChain. As it completes the establishment of its new European headquarters, the foundation claims that the reason for its higher legal expenditures is more excellent legal consulting. The company has also noticed a rise in usage and activity there. The world would change, according to Sunny Lu, CEO of VeChain, who made this claim in August.