According to a recent SEC filing, Reddit has drastically reduced its cryptocurrency holdings, liquidating the majority of its Bitcoin and Ethereum assets during Q3, just before Bitcoin’s price spike in October.
Bitcoin recently surged to $73,569, just shy of its all-time high, but Reddit opted to sell when Bitcoin was valued between $54,000 and $68,000.
Reddit categorized these crypto assets as “excess cash” investments, deeming them “immaterial,” and the sale proceeds held the same designation. However, Reddit’s past forays into crypto have been substantial.
From early integrations of community tokens like Moons to launching Polygon-based Collectible Avatars, Reddit has long been an advocate for blockchain engagement. Recently, though, the platform has been stepping back from these efforts.
The SEC filing showed that that company had sold off most of its Bitcoin and Ether holdings before September 30th, weeks before the world's top crypto starting pumping and testing new highs.
In the same filling, Reddit shared that it shodl most of its crypto portfolio, including Bitcoin and Ether. Bitcoin was sold for between $53,000 and $73,000.
Although the company did not disclose the specific amount of crypto sold, it maintained that the net carrying value and gain are immaterial.
The updated investment policy at Reddit now mandates board approval for any future cryptocurrency acquisitions, limiting holdings to Bitcoin, Ethereum, or other assets with low security classification risks.
The filing also disclosed a decline in advertising revenue across major sectors such as technology, media, entertainment, and crypto, influenced by economic uncertainties, high-interest rates, and geopolitical tensions.
In February, Reddit reported holding only small amounts of Bitcoin and Ether, acquired as excess cash, with additional Ether and MATIC used for its virtual goods initiatives.
The Supreme People's Court of China has listed the study of the disposal of virtual currencies involved in the case as a major judicial research topic in 2024.
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