Reddit sold the majority of its cryptocurrency holdings in the third quarter, including notable assets like Bitcoin and Ether, which were previously held for treasury purposes. In its recent SEC filing related to its initial public offering, Reddit reported that its crypto portfolio had become 'immaterial' following the sale. The sales occurred before the uptick in Bitcoin prices, which touched an all-time high of $73,737 in March, with the price range between $54,000 and $68,000 during the quarter of sale. Although Reddit is distancing itself from heavy investments in cryptocurrencies, it retains some exposure through Ethereum and assets generated from virtual avatars on the Ethereum network. This pivot follows a trend where Reddit has been moving away from its earlier crypto engagements, such as the community-driven Moons token. As the company reports profitability, it remains uncertain about the future viability of cryptocurrencies, signaling a cautious approach towards any potential future investments that would require board approval.

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