Reddit has dumped most of the cryptocurrency it held in Q3

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BlockBeats news, on October 31, according to a filing submitted to the Securities and Exchange Commission (SEC) via the social media site Reddit, Reddit sold most of its crypto portfolio in the third quarter, dumping BTC and Ether for “financial reserves”. When the social media company submitted an Initial Public Offering (IPO) application in February, it held a “negligible amount” of cryptocurrency on its balance sheet and used idle funds to purchase digital assets. On Tuesday, Reddit used the same language to describe the recent sale of profits. “We sold most of our crypto portfolio, mainly including BTC and Ether,” Reddit said. “The net book value of the cryptocurrency we hold and the profits from the sale are insignificant.” Although the quantity of cryptocurrency sold is not clear, the sale occurred in the third quarter ending on September 30. When asked about the dollar value of its cryptocurrency portfolio or the definition of “negligible” amount, Reddit did not immediately respond to Decrypt’s request for comment. (Decrypt)

BTC-3.98%
ETH-5%
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