Balance of $550 million + Bitcoin, VET and ETH revealed

• VeChain reports a strong financial position with a total value of $550,972,484.57.
• The approval of the BTC ETF has given a significant boost to the blockchain market.

According to the latest update on VeChain Official, VeChain’s Treasury report for the first quarter of 2024 reveals a solid financial position with a total value of $550,972,484.57. This positive outlook is supported by the recent approval of the BTC ETF, signaling growing institutional interest in blockchain technology.

This new report builds on previous updates shared by the CNF, highlighting VeChain’s substantial financial growth and stability in the third and fourth quarters of the previous year. Treasury holdings increased significantly from $264 million to over $440 million, demonstrating a strong upward trend.

Positive market trends

The approval of the BTC ETF in the first quarter of 2024 has positively affected the cryptocurrency market, with institutions and investors showing great interest in the future of blockchain technology. VeChain’s financial reportshared in a tweet by VeChain Official, highlights this trend with a solid balance of $550,972,484 at the end of the first quarter.

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VeChain continues to be a leader in real-world blockchain implementation. The foundation’s commitment to transparency since 2017 includes quarterly reports detailing its financial situation. Sunny, a key figure in the community, commented:

The BTC ETF took 8 years to get approval and many people made significant efforts. I believe that blockchain and digital currencies will become the main tools of the digital economy.

Three main points of the report are:

1. Healthy financial foundations: VeChain Foundation Treasury reported a value of $550,972,484.57 at the end of the first quarter of 2024. This strong financial position ensures preparation for future endeavors, supporting strategic initiatives and community efforts.
2. Positive market trends: The approval of the BTC ETF has revived the cryptocurrency market. With a favorable regulatory environment and growing interest from real-world users, the future of blockchain technology looks promising. This optimism is reflected in VeChain’s financial strategies and community commitments.
3. Strategic spending and growth: The expense sheet details significant investments in Eco BD, PR & Marketing, Tech-ops and Eco-ops. These expenditures aim to promote ecosystem development, sustainable practices, and technological advancements, ensuring VeChain’s continued growth and leadership in the blockchain space.

The team stated in the report:

The commitment and support of our community continues to inspire our growing team. Together, we look forward to achieving greater milestones in the evolving landscape of blockchain technology.

According to the latest Coin Market Cap data update, the price of VET It is currently $0.02953reflecting a decrease in 5.43% in the past day and 17.80% in the past week. See the pricing table below.

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