Ethereum

Reddit

Bitcoin

<ul class="wp-block-list">
 <li>Reddit sold most of its Bitcoin and Ethereum in Q3 2024, citing minimal financial impact.</li>  
 <li>Crypto sales earned Reddit $6.87M, with funds labeled immaterial in overall revenue.</li>  
 <li>Reddit shifts its investment focus, citing economic pressures and declining ad revenue.</li> 
</ul>  
<p>Reddit <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/0001713445/000171344524000102/rddt-20240930.htm" target="_blank" rel="noopener noreferrer nofollow">recently</a> sold a large part of its cryptocurrency holdings, mainly Bitcoin and Ethereum. The sale took place in the third quarter of 2024, as detailed in a new SEC filing. This move marks a shift in Reddit’s investment approach during tough economic times.</p>  
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  https://twitter.com/newsereum/status/1851867023174664695
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<h2 class="wp-block-heading" id="h-sec-report-shows-reddit-s-sale"><strong>SEC Report Shows Reddit’s Sale</strong></h2>  
<p>The SEC filing shows Reddit sold most of its Bitcoin and Ethereum assets. It did not share exact numbers but called the impact on finances small. Reddit announced in the report that they sold most of their <a href="https://cryptonewsland.com/reddit-dives-into-crypto-with-bitcoin-and-ethereum-investments/" target="_blank" rel="noopener noreferrer nofollow">cryptocurrency holdings</a>, mainly Bitcoin and Ether, in the quarter ending on September 30, 2024.&nbsp;</p>  
<h2 class="wp-block-heading" id="h-crypto-sales-earn-reddit-6-87-million"><strong>Crypto Sales Earn Reddit $6.87 Million</strong></h2>  
<p>The report mentions that Reddit made $6.87 million from selling its crypto in Q3. This sale mostly involved Bitcoin and Ethereum, which Reddit had purchased using extra cash.&nbsp;</p>  
<p>However, the company said the revenue was immaterial, meaning it did not make a big difference overall. Reddit also kept small amounts of Ethereum and MATIC tokens for specific uses.</p>  
<h2 class="wp-block-heading" id="h-changes-in-reddit-s-investment-policy"><strong>Changes in Reddit’s Investment Policy</strong></h2>  
<p>Since 2022, Reddit has limited its digital asset investments to Bitcoin, <a href="https://ethereum.org/en/" target="_blank" rel="noopener noreferrer nofollow">Ethereum</a>, and other non-security assets, as allowed by U.S. regulators. In recent years, Reddit held a small crypto reserve to fund some product developments. However, the Q3 filing reflects a more cautious approach due to a slowing economy.</p>  
<p>Reddit’s ad revenue has dropped in certain sectors, such as technology and media. This decline began in 2022, with global economic concerns, rising interest rates, and geopolitical issues playing a role. Reddit has managed to reduce its reliance on struggling sectors by shifting to new advertising markets.</p>  
<p>Reddit entered the crypto space early but now sees potential risks. The company states that while it values blockchain technology, it remains unsure about the long-term role of digital assets in its business.</p> 
<p>The post <a href="https://cryptonewsland.com/reddit-offloads-most-of-its-bitcoin-and-ethereum/" rel="noopener noreferrer nofollow">Reddit Offloads Most of Its Bitcoin and Ethereum as Part of New Financial Approach</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Reddit Offloads Most of Its Bitcoin and Ethereum as Part of New Financial Approach

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