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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<p>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." </p>
<p>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.</p>
<p>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.</p>
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Reddit sold off most of its cryptocurrency assets in the third quarter, including Bitcoin and Ethereum.