The Vechain Foundation has released its first financial report of the year 2023.
Most of the balance sheet of the Foundation is held in BTC, ETH and VET. Because of the crypto market showing growth since the end of 2022, the war chest of the Foundation has grown from $275 million at the end of 2022 to $380 million at the end of March 2023.
According to the Foundation, they expect the market to be more positive going forward in coming years, further increasing the holdings of the Vechain Foundation.
One interesting point to note is that the Foundation has not reported its holdings of VeUSD compared to other stablecoins in its statement. It would be interesting to see what percentage of stablecoins is held in VeUSD.
Profit and Loss sheet
The total expenses this quarter were slightly less than $7 million, meaning the Foundation used about 2% of it’s total balance to stay operational. This shows that the Foundation is in a very healthy position and will be capable to support the ecosystem for a long time going forward.
The total expenses in the various categories can be seen in the following picture
While the Foundation calls this a profit and loss sheet, no income or revenue statements have been shared. Hopefully, in the future, we will get more insights into incoming revenue from partners paying for vechain its services.
Click here to read the complete financial report for Q1 2023
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