Reddit has sold the majority of its cryptocurrency holdings, primarily consisting of Bitcoin and Ether, in the third quarter of 2024, as per a filing with the Securities and Exchange Commission (SEC). The company stated that the net value of these assets and the gains from their sale were deemed insignificant, with proceeds amounting to $6.869 million for the period ending September 30. Since 2022, Reddit had allocated some of its excess cash reserves into cryptocurrencies but has since decreased its holdings significantly. The filing also highlighted a decline in advertising demand related to crypto and other sectors, attributed to macroeconomic challenges. Although Reddit praised the potential of crypto and blockchain, it noted that its cryptocurrency sales of Ether and Polygon's MATIC token were not material for the year ended December 31, 2023, or for nine months ended September 30, 2024. Additionally, the company's investments in digital assets are limited to those identified by U.S. regulators as likely not being securities.

Source 🔗