VeChain Financial Report — Q2 2025

VeChain Financial Report — Q2 2025

Dear Community,

The second quarter of 2025 marked yet another defining period for the VeChain ecosystem. Renaissance roadmap execution accelerated while institutional partnerships materialized, establishing Q2 as a pivotal quarter that enabled multiple transformative launches over the summer.

Following the successful Galactica testnet launch in Q1, Q2 focused on the intensive final preparations required for a successful July 1st mainnet deployment. This critical preparation phase encompassed comprehensive security audits, and the technical integration work necessary to deploy four major protocol upgrades on VeChainThor.

The Renaissance roadmap’s scope extended beyond these immediate deliverables, with Hayabusa technical development accelerating in parallel, progressing toward Delegated Proof of Stake consensus and dynamic VTHO tokenomics based on staked participation.

The ecosystem welcomed key institutional partnerships, including strategic collaborations with BitGo, the digital asset custody leader, and Keyrock, the market-making firm turned network Validator. Meanwhile, our first cross-chain bridge via Wanchain delivered interoperability with over 40 leading blockchains for the first time, opening new pathways to adoption and liquidity.

The VeBetter ecosystem continued its explosive trajectory, with multiple applications surpassing the one million user milestone, demonstrating blockchain’s potential to drive sustainable behavior at massive scale. The upgraded VeBetter Grants Program launched with community-powered funding decisions, further decentralizing ecosystem growth and innovation.

By the end of Q2 2025, the Foundation’s treasury stood at $167,239,770.70, reflecting disciplined resource management during turbulent market conditions and ambitious ecosystem expansion — while maintaining ample resources for ongoing operations and future initiatives.

As always, in the name of openness and transparency, we are excited to deliver the details on our Q2 2025 expenditures, honouring the commitments made back in 2017.

Thank you for being an integral part of the VeChain community, joining us in our mission to deliver blockchain technology that creates meaningful impact for business, society, and our planet.

Sincerely,

VeChain Foundation

Treasury balances for Q2 of 2025

At the end of Q2 2025, the VeChain Foundation’s total treasury value, including stablecoins and holdings of BTC, ETH, and VET, stood at $167,239,770.70 — representing a decrease of 23.5% from the $218,545,123.57 reported at the end of Q1 2025.

The volatility is reflective of both our strategic investment in Renaissance protocol upgrades and ecosystem expansion initiatives, combined with broader cryptocurrency market conditions experienced during the quarter.

Comparing Q1 2025 with Q2 2025, asset prices demonstrated mixed performance amid turbulent market conditions, with major assets like ETH gaining 38.43% and BTC rising 31.64%, while VET decreased by 4.05%. Despite these market fluctuations and our comprehensive strategic investments, VeChain maintained operational excellence and successfully executed critical development milestones and partnership initiatives without interruption, demonstrating the resilience of our financial model and long-term approach.

Expenses Sheet

The expenses sheet covers all spending categories and summarises the expenses incurred by the foundation through various activities, initiatives, developments, and engagements.

Treasury outgoings for Q2, 2025

PR & Marketing: PR & Marketing expenses supported strategic positioning ahead of major launches, including allocation to the Revolut Learn & Earn program, campaign development for Renaissance milestones, and strategic positioning initiatives that elevated VeChain’s global visibility. These investments ensured optimal market positioning during the transformative July period that brought Galactica, StarGate, and major partnerships to mainstream attention.

Legal & Finance: Legal & Finance expenditures relate to compliance, regulatory affairs, and strategic legal frameworks. This covers the legal infrastructure required for institutional partnerships — such as with BitGo and Keyrock — ongoing regulatory compliance activities, and specialized advisory services as institutions join and interact with our ecosystem.

Eco-Ops: Eco-Ops relates to ecosystem operations, enhanced community development initiatives, and the infrastructure improvements necessary to support our evolving ecosystem needs. This expenditure covers outsourced technical services, specialized consulting engagements, and team compensation.

Tech-Ops: Tech-Ops expenditures support intensive development work across the Foundation’s technical departments. This includes internal teams working on protocol upgrades, comprehensive security testing, wallet and application development, infrastructure improvements, and specialized development tools for ecosystem growth.

Eco BD: Eco BD expenditures focus on ecosystem development and strategic growth initiatives. This includes funding for application development, partnership integration, and community programs, such as the upgraded VeBetter Grants Program, which now features community-driven approval processes and enhanced support for sustainability-focused projects.

A Quarter of Execution and Acceleration

Where Q1 established the groundwork, Q2 delivered execution and acceleration, with strategic resource allocation enabling the achievements that followed, as well as those yet to be announced. The July 1st Galactica mainnet implementation introduced four critical VIPs including dynamic fee markets and EVM parity upgrades, while StarGate’s deployment enhanced network participation through NFT-based staking. The stage is set for Hayabusa.

Strategic partnerships with Revolut expanded our reach to over 60 million global users, while institutional collaborations with BitGo and Keyrock established critical infrastructure for enterprise-grade operations. The deployment of cross-chain bridge capabilities via Wanchain connected VeChainThor to over 40 leading blockchains, substantially expanding operational accessibility and liquidity channels.

Q2 2025 also demonstrated the importance of disciplined financial management and strategic resource allocation. Our CFO team, led by David Smith, has continued to strengthen its operational capabilities, enabling us to execute our transformative roadmap while maintaining fiscal discipline.

Our mission to advance blockchain’s real-world utility continues to drive our strategic decisions and operational focus. With the unwavering support of VeFam and growing recognition of blockchain’s practical applications, we advance confidently toward delivering solutions that solve real problems, create measurable impact, and demonstrate blockchain’s power to drive positive change across global markets and communities.

About VeChain

Founded in 2015, VeChain built a world-leading enterprise smart contract platform, VeChainThor, which helps deliver blockchain adoption apps to hundreds of enterprise partners.

Building on this expertise, VeChain, in close partnership with Boston Consulting Group, launched the VeBetter ecosystem — comprised of sustainability apps that use tokenization and incentivization to reward users, businesses and other stakeholders for sustainable actions.

To learn more, including how you can build apps of your own, grants, documentation and more, visit vechain.org — or vebetter.com to explore.