VeChain Treasury Report — Q1 2024
Dear VeFam,
Another quarter has passed (where does the time go?) and the time is upon us once more to share an update on the status of the Foundation’s Treasury.
As laid out in 2017, and as part of our ongoing commitment to transparency for our stakeholders, we produce quarterly reports detailing the VeChain Foundation’s financial standing.
Buoyed by the approval of the BTC ETF in Q1 2024, the crypto market has positively trended as institutions, investors and organizations look at the future prospects of this emerging technical arena with great interest. On this subject, Sunny recently commented:
“The BTC ETF took 8 years to get approval, and many people making much effort in building the community, business case and value proposition. I believe that in the future, blockchain and digital currencies will become mainstream, widely adopted core tools of the digital economy.”
Healthy Financial Foundations
At the end of Q1 2024, the VeChain Foundation’s Treasury reported a value of $550,972,484.57. We remain well-prepared for the next, critical phase of mass adoption, as blockchain tech enters mainstream society in a meaningful, game-changing way.
Our robust financial position ensures we are well positioned for all future endeavours, with enough support to ensure we can see all our strategic initiatives to fulfilment, and continue supporting our community with tools, resources and more.
The engagement and support of our community continues to inspire and motivate our growing team, and your actions on social media, through VeBetterDAO and other avenues have been instrumental in helping further our goals of driving real world adoption of the VeChainThor blockchain. Together, we look forward to achieving ever-greater milestones as we navigate the fast-evolving blockchain technology landscape.
Thank you for being an integral part of the VeChain community.
Sincerely,
VeChain Foundation Team
Balance Sheet
The balance sheet shows the total value of tokens held by vechain, denominated in US Dollar value.
Considering stablecoin, BTC, ETH and VET holdings, VeChain’s Treasury value stands at $550,972,484.57 as of the end of Q1 2024.
Q1 2024 Expenses Sheet
The expenses sheet covers all spending categories and provides a financial statement that summarises expenses incurred by the foundation through various activities, initiatives, developments and engagements.
- Eco BD: The $1,315,500.00 USD spending in Eco BD.This portion of the funds is primarily used to promote ecosystem development, early-stage planning, and consulting. We maintain competitiveness in the field of sustainable development, such as in biodegradable materials, emission reduction, and recyclable collection. This is not only for the ecological development of VeBetterDAO but also to build a stronger community for VeChain and foster a shared commitment to environmental protection.
- Legal & Finance: With a total spending of $151,803.73 USD, Legal & Finance expenses cover legal services, contracts, and compliance. Additionally, financial management expenses, including accounting services and financial consulting, contribute to this category.
Compared to the latter half of last year, legal and financial costs have decreased. This reduction is mainly due to Q1’s focus on various activities and preparations for VeBetterDAO. - PR & Marketing: The $1,211,369.12 USD spending in PR & Marketing is divided into expenses for event sponsorships and partially expense for VeBetterDAO supporting services. This includes costs related to organising events, such as venue, speakers, logistics, and promotional activities, as well as funds allocated for sponsorship fees.
- Tech-ops: Tech-ops expenses of $3,792,747.05 USD cover a range of activities. This part remained consistent with the previous quarter. This includes salaries for the tech team, payments to external consultants, software subscriptions, IT equipment purchases, travel expenses for the tech team, and costs associated with organising builder events and community operations.
- Eco-ops: The $4,503,286.61 USD spending in Eco-Ops is directed towards outsourcing development tools and relevant salaries for the team. This includes expenses related to outsourcing development tools, such as software development services, as well as salaries for the team working on Eco-Ops initiatives.
A Firm Fiscal Footing
Heading in to 2024, we’re happy to report the health of our Treasury, amply supporting the future of the Foundation for many years to come. As blockchain takes its place on the economic main stage, we expect our resources to continue growing in value in line with the overall trajectory of the blockchain market, ensuring we can fully commit to our vision of delivering real world adoption and driving fundamental value to the VeChainThor blockchain, alongside the expertise and engineers to build it.
Working with world class partners in tandem with an unfolding, favourable regulatory landscape leaves us more optimistic than ever about our future. We look forward to acting as stewards of a Web3 powered future, leveraging our expertise in real world adoption to drive the industry forward. Onwards VeFam — there is much work to be done.
About VeChain
VeChain, headquartered in San Marino, Europe, is the curator of VeChainThor, a world-leading smart contract platform spearheading the real-world adoption of blockchain technology, and a proud pioneer in the field of real world asset tokenization (RWA), having worked with companies in the area since 2015.
By leveraging the capabilities of ‘trustless’ data (information without intermediaries), smart contracts, and IoT technologies, VeChainThor has enabled enterprise solutions across a wide array of fields.
VeChain now turns its attention to the greatest challenge of all — building digital ecosystems to drive sustainability and digital transformation at global scale.
Learn more on vechain.org
