Reddit Sells Bitcoin Stash and Steps Away From Crypto: Details
Reddit, a pioneering social media force for crypto engagement and arguably the most popular discussion forum, offloaded a substantial portion of its virtual asset holdings in the third quarter of 2024.
In its latest regulatory filing, the company revealed that it sold most of its Bitcoin (BTC) and Ethereum (ETH) treasury assets, generating $6.87 million.
Reddit Hits Profit
The tidy sum raked in from the sale helped Reddit turn a profit for the first time in its 19-year existence, amounting to just under $30 million.
It first revealed the crypto investments in a February 2024 IPO filing with the Securities and Exchange Commission (SEC), stating that it had invested some of its excess cash reserves in several…
