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.
In his unconventional perspective on Bitcoin, Andrew Tate emphasises the significance of financial autonomy and control, resonating with those who value personal sovereignty in an age of government influence. While not everyone may concur with Tate on all matters, his insights on Bitcoin act as a unifying focal point in the pursuit of financial independence.
JasperAfrican students who served as FTX Ambassadors are now enduring threats and backlash in the aftermath of the FTX cryptocurrency exchange's collapse. These ambassadors had actively promoted FTX to friends and family, and the ensuing loss of investor funds has led to blame and personal safety threats against them.
JixuTo bolster user security, the popular crypto wallet is introducing a feature designed to fortify defences against fraudulent schemes, phishing attacks, and cyber breaches
CatherineCircle's announcement to terminate consumer accounts has triggered a vigorous debate within the crypto community amidst deepening regulatory hurdles.
KikyoWallets linked to the financially troubled crypto exchange, FTX, have recently conducted transfers amounting to approximately $156 million in various digital assets, such as Ethereum (ETH) and Solana (SOL), as reported by blockchain analytics firm Nansen.
JasperKenyan government to introduce Digital Identification system, promising streamlined access to services and enhanced commerce.
Hui XinMicrosoft and Siemens unveil a generative AI assistant tailored to meet the specific needs of professionals across sectors like manufacturing, healthcare, transportation, and infrastructure.
CatherineThe donation was large enough for FTX to be considered a diamond sponsor.
AlexIt will implement MiCA in December 2025, six months ahead of the deadline.
ClementSolana, the second blockchain to be supported by Blockchain Node Runner after Ethereum, is now accessible for enterprises looking to leverage its potential. This development simplifies the process, making Solana more accessible for a wider range of applications.
Joy