Reddit, a popular social media platform, sold its Bitcoin and Ethereum holdings in the third quarter of 2024, generating $6.87 million. This helped the company turn a profit for the first time in 19 years, with profits reaching $30 million. Reddit initially invested in cryptocurrencies such as Bitcoin, Ethereum, and Polygon for specific virtual goods purchases.
The company was one of the early adopters of blockchain technology, launching a Community Points system and a blockchain-based wallet called “Vault.” However, Reddit’s latest regulatory filing reveals a more cautious outlook on crypto, with concerns about long-term adoption and uncertainties. The company has updated its investment policy requiring board approval for any future crypto purchases and has limited them to Bitcoin, Ethereum, and non-security tokens.
