Reddit sold most of its crypto holdings in Q3

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)