Enterprise blockchain leader VeChain released its second-quarter financial report on Friday as part of its commitment to transparency.
The balance sheet shows that in the end of Q2, the firm had assets (Bitcoin, Ethereum, VET, Stablecoins) with a total dollar-denominated value of over $535 million.
But it is 44% below the value of reserves at the end of the first quarter of about $1.2 billion.
Notably, the company attributes this decline primarily to the declining value of crypto assets during the period.
Despite the drop, the company claims it has solid reserves to weather the volatility of the cryptocurrency market.
VeChain is an enterprise blockchain platform that aims to provide a complete view of an organization by separating information from data silos.
It uses two tokens. They are VeChain Token (VET) as the value layer and VeChain Thor Energy (VTHO) as the smart contract layer.