According to the first quarter report of the VeChain Foundation, the foundation holds $1.2 billion in cryptocurrencies.
According to the report, the foundation owns Bitcoin (BTC), Ethereum (ETH) VET and various stablecoins. The foundation was holding $1.38 billion in cryptocurrencies at the end of 2021. It was stated that the reason for the decrease was due to fluctuations in the crypto market and foundation spending.
Out of the $4.1 million spent in the first quarter, the foundation allocated $1.8 million to develop the ecosystem. These included partnerships, custodians, wallet providers, brokers, community events, and ecosystem project collaboration.
Despite the fairly well-managed balance sheet, the foundation did not share any details about the revenue generated. Transaction fees distributed between validators and other stakeholders should have made up a significant portion of the revenue. However, no data on these figures were disclosed in the report.
VET is trading at $0.03022 at the time of writing, according to data from CoinMarketCap.
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