Reddit Sells Majority of Cryptocurrency Portfolio in Q3, Retains Bitcoin for Financial Reserves
Social media platform Reddit sold most of its cryptocurrency holdings, primarily Bitcoin and Ethereum, in the third quarter of 2023, according to documents submitted to the U.S. Securities and Exchange Commission (SEC). The company stated that the proceeds from the sales were “immaterial” and did not disclose the exact amount of cryptocurrency sold.
Reddit had previously held a “minuscule” amount of cryptocurrency on its balance sheet when it filed for an initial public offering (IPO) in February. The company used idle funds to purchase digital assets and has now retained some Bitcoin for financial reserves.
