Social Media Giant Reddit Sells Bitcoin (BTC) and Crypto Stash for Nearly $7,000,000
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…
