Reddit disclosed selling most of its cryptocurrency holdings during Q3, including Bitcoin and Ethereum. The sell-off timing raised questions about its divestment amid the current market surge. Reddit's decision stands out as an exception in a market where other firms are expanding their Bitcoin portfolios.

In an SEC filing on the 30th of October, Reddit disclosed selling most of its cryptocurrency holdings during Q3. Reddit offloaded a significant portion of its Bitcoin [BTC] and Ethereum [ETH] assets. The platform noted that the financial impact was “immaterial,” as the sale occurred before BTC’s late October surge.Reddit’s crypto sell-offReddit further clarified that it acquired specific cryptocurrencies primarily for its product and engineering teams, utilizing them for targeted applications.Previously, the platform invested excess funds in Bitcoin and Ethereum. Now, it focuses on acquiring other altcoins for payments on certain virtual items. By the 30th of September, Reddit had completely disposed of all BTC and ETH holdings designated for “treasury purposes.”However, the company has indicated that it remains open to acquiring more cryptocurrencies in the future.The firm noted,The sell-off timing and its impactThis decision coincided with Bitcoin reaching $73,569 this week, just $168 below its all-time peak of $73,737 in March. But it should be noted that at press time, BTC was trading at $72,322.50, according to CoinMarketCap.Reddit liquidated its crypto holdings while Bitcoin was fluctuating between $54,000 and $68,000. This raised questions about the timing of its divestment amid the current market surge. However, in recent months, the platform seems to be scaling back its crypto initiatives. This is reflected in its new investment policy that mandates board approval for any future cryptocurrency purchases. The company has restricted its acquisitions to BTC, Ethereum, or assets unlikely to be classified as securities.Is Reddit’s move part of a larger trend?Currently, Reddit’s decision to divest its cryptocurrency holdings stands out as an exception in a market where no other significant firms are liquidating their Bitcoin in Q3.A recent report by Lookonchain indicated that an Ethereum foundation had made an ETH sell-off, contributing to overall market pressures.Additionally, recent data from Whale Alert indicated a substantial transfer of Dogecoin [DOGE] to the Binance exchange on the 20th of October.While this could suggest a broader trend of selling among various entities, the situation with BTC is different.This is because companies such as MicroStrategy, Marathon, Riot Platforms, and Tesla are actively expanding their Bitcoin portfolios, according to data from Bitcoin Treasuries.Therefore, it remains unclear whether Reddit’s decision to liquidate BTC was a strategic judgment or a misunderstanding of the long-term potential of Bitcoin.

Reddit Offloads Majority of Bitcoin Holdings: What Does It Mean for the Market?

In the third quarter of 2024, Reddit sold off most of its cryptocurrency assets, including Bitcoin and Ethereum. The revenue from cryptocurrency sales in this quarter amounted to $6.87 million, with trading gains being negligible. Reddit began investing a portion of its idle funds in cryptocurrencies starting in 2022, focusing only on Bitcoin, Ethereum, and cryptocurrencies that U.S. regulators have clearly stated may not be classified as securities. Advertising expenditures continued to decline, but the impact was partially offset by diversifying its advertising business.

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According to TechFlow, on October 31, Cointelegraph reported that Reddit has sold most of its cryptocurrency assets it held in the third quarter of 2024, as per the latest filings submitted to the U.S. Securities and Exchange Commission (SEC). The report indicated that the revenue from cryptocurrency sales in this quarter amounted to $6.87 million, with trading gains being "insignificant." 
The filings disclosed that Reddit began investing some idle funds in cryptocurrencies since 2022. The company’s investment policy stipulates that treasury investments are limited to Bitcoin, Ethereum, and cryptocurrencies that U.S. regulators have explicitly stated "may not be considered securities." Additionally, the company continues to accept Ethereum and Polygon (POL) as payment methods for specific virtual goods.
Reddit noted in the filings that since the fourth quarter of 2022, advertising spending in sectors such as technology, media, entertainment, and cryptocurrency has continued to decline, primarily due to concerns over the global economy, rising interest rates, and geopolitical uncertainties. However, the company stated that diversification in its advertising business has partially offset this impact.
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Reddit sold off most of its cryptocurrency assets in the third quarter, including Bitcoin and Ethereum.

Documents submitted by Reddit to the U.S. Securities and Exchange Commission (SEC) show that it sold off most of its cryptocurrency portfolio in the third quarter, valued at nearly $6.90 million, which included Bitcoin and Ethereum that were previously held "for financial purposes." Reddit stated, "We sold off most of our cryptocurrency portfolio, primarily consisting of Bitcoin and Ethereum, and the net carrying value of the cryptocurrencies held and the proceeds from the sale are not significant."

According to Foresight News, documents submitted by Reddit to the U.S. Securities and Exchange Commission (SEC) reveal that it sold the majority of its cryptocurrency portfolio in the third quarter, valued at nearly $6.90 million, which includes Bitcoin and Ethereum that were previously held "for financial purposes." Reddit stated, "We sold the majority of our cryptocurrency investments, primarily consisting of Bitcoin and Ethereum, and the net book value of the cryptocurrencies held and the gains from the sales are not significant."

Reddit sold off most of its cryptocurrency holdings in the third quarter, valued at nearly $6.90 million.

Reddit sold off most of its cryptocurrency holdings in the third quarter of 2024, with proceeds amounting to $6.87 million. Reddit added that the confirmed profits from the sale are negligible. Additionally, since the pandemic, Reddit has seen a decline in advertising demand due to global economic concerns, rising interest rates, and uncertainties in geopolitical conditions.

PANews, October 31, reported by Cointelegraph, that the social media platform Reddit disclosed in a recent filing with the U.S. Securities and Exchange Commission (SEC) that it sold the majority of its cryptocurrency holdings in the third quarter of 2024. Most of the sold cryptocurrencies came from its reserves of Bitcoin and Ethereum, with the proceeds from the sale amounting to $6.87 million. However, Reddit added that the book net value of its cryptocurrencies and the gains confirmed from the sale were negligible during this reporting period. The document also revealed that since the pandemic, Reddit's advertising demand has declined due to global economic concerns, rising interest rates, and uncertainties in geopolitical conditions.

Reddit has sold off most of its Bitcoin and Ethereum holdings in the third quarter.

Documents submitted by social media website Reddit to the U.S. SEC show that most of its cryptocurrency portfolio has been sold in the third quarter, including the sale of Bitcoin and Ethereum that were previously used for financial reserves. 

According to Decrypt, documents submitted by the social media site Reddit to the U.S. Securities and Exchange Commission (SEC) indicate that it has sold off most of its cryptocurrency portfolio in the third quarter, including Bitcoin and Ethereum, which were previously "used for financial reserves." Reddit stated: "We have sold most of our cryptocurrency portfolio, primarily consisting of Bitcoin and Ethereum, and the net carrying value of the cryptocurrencies we held and the gains from the sale are both insignificant." While the exact amount of cryptocurrency sold remains unclear, the sale occurred before the end of the third quarter on September 30.

According to Decrypt, documents submitted by the social media site Reddit to the U.S. Securities and Exchange Commission (SEC) indicate that it sold off the majority of its cryptocurrency portfolio in the third quarter, including Bitcoin and Ethereum that were previously "held for financial reserves." Reddit stated, "We sold off most of our cryptocurrency portfolio, primarily consisting of Bitcoin and Ethereum, and the net book value of the cryptocurrencies held and the gains from the sales are inconsequential." Although the exact amount of cryptocurrency sold remains unclear, the sales occurred in the third quarter ending September 30.

Reddit has sold off most of its held cryptocurrencies in the third quarter.

According to documents submitted to the U.S. Securities and Exchange Commission (SEC) by the social media platform Reddit, the majority of its cryptocurrency portfolio was sold in the third quarter, including the sale of Bitcoin and Ethereum that had previously been "allocated for financial reserves."

Odaily Planet Daily News According to documents submitted by the social media platform Reddit to the U.S. Securities and Exchange Commission (SEC), the company has sold off most of its cryptocurrency portfolio in the third quarter, including Bitcoin and Ethereum that were previously "used for financial reserves."  
Reddit stated: "We have sold off most of our cryptocurrency portfolio, primarily consisting of Bitcoin and Ethereum. The net book value of the cryptocurrencies held and the proceeds from the sales are both insignificant." Although the exact amount of cryptocurrency sold is unclear, the sales occurred in the third quarter ending on September 30. (Decrypt)

In the third quarter, the social media platform Reddit has sold most of its holdings in cryptocurrencies.

BlockBeats news, October 31, according to the social media site Reddit filed with the U.S. Securities and Exchange Commission (SEC), Reddit sold most of its cryptocurrency portfolio in the third quarter, dumping Bitcoin and Ethereum 'for financial reserves.' When the social media company filed for an initial public offering (IPO) in February, the company held a 'negligible' amount of cryptocurrency on its balance sheet and used idle funds to purchase digital assets. On Tuesday, Reddit used the same wording to describe the gains from the recent sale. 'We sold most of our cryptocurrency portfolio, primarily Bitcoin and Ethereum,' Reddit said. 'The net book value of the cryptocurrencies we hold and the proceeds from the sale are insignificant.' Although the amount of cryptocurrency sold is unclear, the time node for the sale is the third quarter ending September 30. Reddit did not immediately respond to Decrypt's request for comment when asked about the dollar value of its cryptocurrency portfolio or the definition of a 'negligible' amount. (Decrypt)

BlockBeats news, October 31, according to the social media site Reddit filed with the U.S. Securities and Exchange Commission (SEC), Reddit sold most of its cryptocurrency portfolio in the third quarter, dumping Bitcoin and Ethereum "for financial reserves." When the social media company filed for an initial public offering (IPO) in February, the company held a "negligible" amount of cryptocurrency on its balance sheet and used idle funds to purchase digital assets. On Tuesday, Reddit used the same wording to describe the gains from the recent sale. "We sold most of our cryptocurrency portfolio, primarily Bitcoin and Ethereum," Reddit said. "The net book value of the cryptocurrencies we hold and the proceeds from the sale are insignificant." Although the amount of cryptocurrency sold is unclear, the time node for the sale is the third quarter ending September 30. Reddit did not immediately respond to Decrypt's request for comment when asked about the dollar value of its cryptocurrency portfolio or the definition of a "negligible" amount. (Decrypt)

Reddit sold most of its crypto holdings in Q3

According to 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, using the proceeds from the sale of Bitcoin and Ethereum for financial reserves. While the exact amount of cryptocurrency sold is unclear, the timing of the sale corresponds to the third quarter ending on September 30.

According to BlockBeats, on October 31, Reddit submitted a filing to the U.S. Securities and Exchange Commission (SEC) stating that in the third quarter, it sold off most of its cryptocurrency portfolio, including Bitcoin and Ethereum that were "used for financial reserves." When the social media company filed for an initial public offering (IPO) in February, it held a "negligible" amount of cryptocurrency on its balance sheet, purchasing digital assets with idle funds. On Tuesday, Reddit used similar wording to describe the proceeds from its recent sale. "We sold off most of our cryptocurrency portfolio, primarily consisting of Bitcoin and Ethereum," Reddit stated. "The net book value of the cryptocurrency we held and the proceeds from the sale are both insignificant." While the exact amount of cryptocurrency sold is unclear, the sale occurred during the third quarter ending September 30. When asked about the dollar value of its cryptocurrency portfolio or the definition of the "negligible" amount, Reddit did not immediately respond to Decrypt's request for comment. (Decrypt)

Reddit has sold off most of its cryptocurrency holdings in Q3.

Reddit disclosed in an SEC filing that it sold the majority of its Bitcoin and Ethereum holdings during the third quarter, stating the net value and gain were insignificant. Despite still holding some crypto, Reddit has distanced itself from previous crypto-related projects.

Reddit Sold Off Most of Its Bitcoin and Ethereum

According to a new filing, Reddit sold most of its crypto holdings in Q3 2024. The company held crypto assets consisting of Bitcoin and Ethereum for treasury purposes, which was revealed after it went public in February. Although described as immaterial, these digital assets were purchased with excess cash at the time. Institutional investors increased their digital asset holdings this year after the approval of spot Bitcoin ETFs. The social media giant’s disclosure that it sold crypto assets in Q3 2024 was met with criticism from digital asset enthusiasts. The filing with the Securities and Exchange Commission (SEC) noted that Reddit sold the top two digital assets with immaterial net value. However, while many scrutinize the decision, a major talking point is sales before current price sentiments. The crypto market has gained significant traction in the last 30 days, with prices surging to levels not recorded in months. Bitcoin soared above $73,000, coming just $175 shy of its all-time high set earlier in the year. After the approval of spot Bitcoin ETFs, the industry notched increased traditional investments, leveraging the new window opened with these funds. Subsequently, the asset faced a correction and a series of volatile months before rebounding strongly in October. At the time of writing, BTC’s price trades at $72,140, an 8.8% growth in the last seven days. This month, the market leader is up 14%, with traders raking in gains as several positions flip green. On-chain analysts hinted at more upside movements following macro and industry factors. Although Reddit purchased digital assets, it wasn’t in a significant position like Michael Saylor’s MicroStrategy, a firm leading the diversification drive with Bitcoin. Reddit offered users assets to reward engagement and hinted that its teams were engaged with crypto. However, it questioned the long-term trajectory of the assets class, describing the path as “uncertain.” Crypto users remain popular on Reddit, giving market analysis and industry developments.

According to a new filing,Redditsold most of its crypto holdings in Q3 2024. The company held crypto assets consisting of Bitcoin and Ethereum for treasury purposes, which was revealed after it went public in February. Although described as immaterial, these digital assets were purchased with excess cash at the time. Institutional investors increased their digital asset holdings this year after the approval of spot Bitcoin ETFs.Reddit Missed Out of Uptober MomentumThe social media giant’s disclosure that it sold crypto assets in Q3 2024 was met with criticism from digital asset enthusiasts. Thefilingwith the Securities and Exchange Commission (SEC) noted that Reddit sold the top two digital assets with immaterial net value. However, while many scrutinize the decision, a major talking point is sales before current price sentiments.The crypto market has gained significant traction in the last 30 days, with prices surging to levels not recorded in months. Bitcoin soared above $73,000, coming just $175 shy of its all-time high set earlier in the year. After the approval of spot Bitcoin ETFs, the industry notched increased traditional investments, leveraging the new window opened with these funds.Subsequently, the asset faced a correction and a series of volatile months before rebounding strongly in October. At the time of writing, BTC’s price trades at $72,140, an 8.8% growth in the last seven days. This month, the market leader is up 14%, with traders raking in gains as several positions flip green.On-chain analysts hintedat more upside movements following macro and industry factors.Company Skeptical on CryptoAlthough Reddit purchased digital assets, it wasn’t in a significant position like Michael Saylor’s MicroStrategy, a firm leading the diversification drive with Bitcoin. Reddit offered users assets to reward engagement and hinted that its teams were engaged with crypto. However, it questioned the long-term trajectory of the assets class, describing the path as “uncertain.”“While we believe cryptocurrencies and blockchain technology have significant potential, the popularity and prevalence of cryptocurrencies is a relatively recent trend, and whether cryptocurrencies and blockchain technology will continue to be adopted by consumers and businesses in the long term is uncertain.”Crypto users remain popular on Reddit, giving market analysis and industry developments.

Reddit Sold Majority of Its Bitcoin Before Uptober Price Surge

The majority of Reddit's cryptocurrency sales in Q3 2024 came from Bitcoin and Ether holdings, with insignificant gains reported. The company previously invested excess cash reserves in Bitcoin and Ether and also acquired ETH and MATIC as a form of payment. Reddit's advertising demand has declined due to global economic concerns and uncertainty in geopolitical conditions.

MATIC

Social media network Reddit has sold the majority of its cryptocurrency holdings in the third quarter of 2024, according to a recent filing with the Securities and Exchange Commission (SEC). The majority of the sales originated from treasury holdings in Bitcoin ( BTC ) and Ether ( ETH ). The 10-Q SEC filing reveals that the net value of the crypto assets and the gains recognized from the sale were deemed insignificant for the period: “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 the document, proceeds from the sale of cryptocurrencies were valued at $6.869 million for the three months ending on Sept. 30. The company previously invested some of its excess cash reserves in Bitcoin and Ether. It also continued to acquire ETH and Polygon’s token MATIC ( MATIC ) — now known as POL — as a “form of payment for sales of certain virtual goods.” Related:  Telegram users report massive outages on messenger app Reddit said its sales of ETH and MATIC “was not material for the year ended December 31, 2023 or the nine months ended September 30, 2024.” The social media company also held digital assets for use by its product and engineering teams limited to specific uses. Reddit has been using its excess cash to add small amounts of cryptocurrencies to its treasuries since 2022. In a previous filing for its initial public offering (IPO) , the company praised crypto and blockchain as having “significant potential.” According to Reddit’s policies, investments in digital assets for treasury purposes are limited to BTC, ETH, and any other cryptocurrency that United States regulators had identified as “likely not being a security” through public statements or guidance. The filing has also revealed Reddit has seen a decline in advertising demand since the pandemic, citing global economic concerns, rising interest rates and uncertainty in geopolitical conditions: “Since the three months ended December 31, 2022, we experienced declines in advertising spending in certain macro-challenged sectors, particularly technology, media and entertainment, and cryptocurrency.” According to the company, the decline in advertisements from these sectors has been partially offset by diversification across “other advertising verticals.” Magazine: Did Telegram’s Pavel Durov commit a crime? Crypto lawyers weigh in 

Reddit Sells Majority of Bitcoin and Ether Holdings, Reports Insignificant Gains

Reddit shed most of its cryptocurrency holdings in the third quarter of this year, according to a recent filing with the U.S. Securities and Exchange Commission (SEC), depleting its Bitcoin and Ethereum reserves long before the October rally.

Reddit shed most of its cryptocurrency holdings in the third quarter of this year, according to a recent filing with the U.S. Securities and Exchange Commission (SEC), depleting its Bitcoin and Ethereum reserves long before the October rally. The company described its crypto assets as primarily for “treasury purposes,” but the filing described their value as “insignificant.” When Reddit filed for an initial public offering (IPO) in February, it disclosed that it held a negligible amount of cryptocurrency on its balance sheet, acquired using excess cash. This week, the social media giant used similar language to describe the proceeds from its latest crypto sale. “We have sold the majority of our crypto portfolio, primarily consisting of Bitcoin and Ethereum,” Reddit said, adding: “The net book value of our cryptocurrencies is the net book value on our balance sheet.”  The exact volume of coins sold by Reddit has not been disclosed, but the timing suggests the company missed Bitcoin’s recent surge in October. Despite Reddit ceasing to hold significant amounts of Bitcoin and Ethereum, it noted that it still holds some digital assets. The company confirmed that it holds MATIC as well as Ethereum earned from the sale of its virtual avatars on the Ethereum scaling network. Reddit’s recent shift away from digital assets comes after it initially embraced cryptocurrency as a means to offer collectibles and reward user engagement. The company had been an early adopter among social media platforms, spearheading digital asset projects since 2020. Reddit expressed cautious optimism about the future of blockchain technology in a statement. “While we believe that cryptocurrencies and blockchain technology have significant potential, the popularity and prevalence of cryptocurrencies is relatively new and it is unclear whether cryptocurrencies and blockchain technology will continue to be adopted by consumers and businesses in the long term,” the company said. *This is not investment advice.

Reddit Sells Majority of Bitcoin and Ethereum Holdings, SEC Filing Reveals

The bulk of Reddit’s cryptocurrency sales came from Bitcoin and Ether holdings, with the company reporting that gains from transactions were insignificant.

<img src='https://sosovalue.s3.us-west-2.amazonaws.com/sosovalue/web3image/24/10/31/c6lrtttnwow6.png'/>The bulk of Reddit’s cryptocurrency sales came from Bitcoin and Ether holdings, with the company reporting that gains from transactions were insignificant.

Reddit offloads most of its Bitcoin, Ether holdings

Reddit在第三季度披露出售了其大部分加密货币持有，包括Bitcoin和Ethereum。此次抛售的时机引发了人们对其在当前市场飙升中减持的质疑。与其他公司扩展其Bitcoin投资组合的趋势相比，Reddit的决定显得尤为突出。

Reddit出售大部分比特币持有量：这对市场意味着什么？

Reddit在第三季度披露出售了其大部分加密貨幣持有，包括Bitcoin和Ethereum。此次拋售的時機引發了人們對其在當前市場飆升中減持的質疑。與其他公司擴展其Bitcoin投資組合的趨勢相比，Reddit的決定顯得尤爲突出。