The social media giant Reddit has unloaded a huge part of its cryptocurrency holdings, according to a new regulatory filing.
The firm says in a filing with the U.S. Securities and Exchange Commission (SEC) that it sold a big chunk of the crypto assets on its balance sheet during Q3 of this year.
“During the three months ended September 30, 2024, we sold the majority of our cryptocurrency portfolio, which consisted primarily of Bitcoin and Ether. The net carrying value of our cryptocurrencies, as well as the gain recognized on sale, was immaterial for the periods presented.”
According to Reddit, all the Bitcoin (BTC) and Ethereum (ETH) held for treasury purposes had been sold off by the end of Q3. The sale of the crypto assets fetched approximately $6.869 million.
Reddit says that it will continue holding certain crypto assets and experimenting with blockchain technology.
“We previously invested some of our excess cash reserves in Bitcoin and Ether and continue to acquire Ether and Polygon (MATIC) as a form of payment for sales of certain virtual goods. Ether and MATIC received from the sales of virtual goods was not material for the year ended December 31, 2023 or the nine months ended September 30, 2024. We also acquired and hold digital assets that are cryptocurrencies for use by our product and engineering teams, which is limited to specific uses.”
Reddit acquired its Bitcoin and Ethereum stacks in February of this year, ahead of the social network giant’s initial public offering (IPO).
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