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.