Reddit sold most of its Bitcoins before Uptober
Reddit sold most of its Bitcoins before Uptober
In Q3 2024, the social network Reddit sold off most of its cryptocurrency portfolio. The exact amount of assets wasn’t disclosed, but it’s known to include Bitcoin and Ethereum, which the company held as reserves.
This information was published on the official website of the U.S. Securities and Exchange Commission (SEC). “We sold most of our cryptocurrency portfolio, which mainly consisted of Bitcoin and Ethereum. The value of our cryptocurrencies and the profit from the sale were insignificant,” the company noted.
Since the company liquidated its cryptocurrencies in Q3, it means they sold before September 30 at a less favorable price. As a result, Reddit missed the asset’s peak growth in October, a period the community calls Uptober.
At present, some cryptocurrencies, specifically Ethereum and Polygon, remain on the company’s balance sheet.
Reddit’s Bitcoins
Reddit first received bitcoins in 2014 when it began accepting BTC as payment for a premium service on the platform. Since then, the platform has accumulated bitcoins, periodically buying more. However, the exact amount of coins held by Reddit has never been disclosed.
Nonetheless, Reddit’s decision was a strategic one, aligning with the global rise in interest in cryptocurrency. This led to the creation of dedicated sections on the platform for Bitcoin and cryptocurrency discussions.
As a reminder, the Fear and Greed Index surpassed 75 points for the first time since June 2024, now indicating an "extreme greed" level.
