According to recent filings with the Securities and Exchange Commission (SEC), Reddit reduced its holdings in digital currencies during the third quarter of 2024.
The social platform sold off a large portion of its cryptocurrency assets, primarily Bitcoin
The filing revealed that the sale of cryptocurrencies generated approximately $6.869 million in proceeds during the three-month period ending on September 30.
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The company’s policy on digital asset investments confines treasury holdings to Bitcoin, Ethereum, and other cryptocurrencies that US regulators have indicated are unlikely to be classified as securities.
Reddit previously invested some of their excess cash in BTC and ETH to acquire Ethereum and Polygon’s token POL (formerly known as MATIC)
In the SEC filing, the company stated that the sales of Ethereum and POL “was not material for the year ended December 31, 2023 or the nine months ended September 30, 2024.”
Reddit further pointed out:
We also acquired and hold digital assets that are cryptocurrencies for use by our product and engineering teams, which is limited to specific uses.
This cautious stance reflects the company’s adherence to regulatory guidance and a focus on minimizing potential risks associated with digital asset investments.
In other news, Tether’s CEO Paolo Ardoino disclosed the company’s asset reserves to counteract allegations of legal violations.
Gode is a Web3 Market Analyst who researches the most important industry events and interprets how they affect the wider Web3 space. Her formal education in media culture & digital rhetoric allows her to employ a methodical approach to evaluating critical Web3 news data, including large-scale events and the wider social sentiment within the ecosystem.
Gode is a mutilingual professional, having studied in multiple universities all across Europe. This allows her to have a one-of-a-kind opportunity to analyze Web3 social sentiments spanning different cultures and languages and, in turn, develop a much deeper understanding of how the Web3 space is growing within different communities. With the rest of her team, Gode works to identify crucial crypto news patterns and provide unbiased and data-driven information.
Gode’s passions include working and communicating with people, and when she’s not researching Web3 news, she spends her time traveling and watching true crime documentaries.
