Reddit has sold most of its BTC and ETH holdings in the third quarter.

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PANews reported on October 31st that, according to Cointelegraph, social media platform Reddit disclosed in a recent filing to the Securities and Exchange Commission (SEC) that the company sold most of its Cryptocurrency Holdings in the third quarter of 2024, with most of the sold Cryptocurrency coming from its BTC and Ethereum reserves, generating proceeds of $6.869 million. However, Reddit added that the book value of its Cryptocurrency and the confirmed proceeds from the sales were negligible during this reporting period. The filing also revealed that since the pandemic, Reddit’s advertising demand has decreased due to global economic concerns, interest rate rises, and geopolitical uncertainties.

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