In the third quarter of 2024, the company sold a significant portion of its digital assets, primarily Bitcoin and Ethereum.
Reddit announced the decision to sell its cryptocurrency in documents filed with the US Securities and Exchange Commission (SEC). According to the report, the total amount of proceeds was about $6.87 million.
The company explained its decision by the fact that the proceeds from the sale of cryptocurrency did not have a material impact on Reddit’s financial results. In addition, the company cited a number of factors that could have influenced the decision to sell digital assets, such as market volatility, the lack of clear regulation, and the peculiarities of cryptocurrency accounting in the United States.
