Reddit Sells Majority Of Cryptocurrency Holdings In Q3

According to BlockBeats, Reddit has sold the majority of its cryptocurrency portfolio, including Bitcoin and Ethereum, during the third quarter of this year. This information was revealed in documents submitted to the U.S. Securities and Exchange Commission (SEC) on October 31. The social media company stated that the proceeds from the sale were intended for financial reserves. When Reddit filed for its initial public offering (IPO) in February, it held a negligible amount of cryptocurrency on its balance sheet, having purchased digital assets with idle funds. On Tuesday, Reddit used similar language to describe the recent sale's proceeds, emphasizing that the net book value of the cryptocurrencies held and the gains from the sale were insignificant. The exact amount of cryptocurrency sold remains unclear, but the sale occurred during the third quarter, which ended on September 30. Reddit did not immediately respond to Decrypt's request for comment regarding the dollar value of its cryptocurrency portfolio or the definition of the 'negligible' amount.