Reddit has sold off most of its cryptocurrency holdings in Q3

2024-10-31 00:48:04

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ChainCatcher news, according to Decrypt, based on documents submitted to the U.S. Securities and Exchange Commission (SEC) by the social media site Reddit, Reddit sold off most of its cryptocurrency portfolio in the third quarter, liquidating Bitcoin and Ethereum "for financial reserves."

When the social media company filed for its initial public offering (IPO) in February, it held a "negligible" amount of cryptocurrency on its balance sheet, using idle funds to purchase digital assets. On Tuesday, Reddit used the same wording to describe the proceeds from the recent sale. "We sold off most of our cryptocurrency portfolio, primarily consisting of Bitcoin and Ethereum," Reddit stated. "The net carrying value of the cryptocurrency we held and the proceeds from the sale are both insignificant."

While the amount of cryptocurrency sold is unclear, the timing of the sale corresponds to the third quarter ending September 30. When asked about the dollar value of its cryptocurrency portfolio or the definition of "negligible" amounts, Reddit did not immediately respond to Decrypt's request for comment.

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