Reddit sold off most of its cryptocurrency holdings in the third quarter of 2024, with proceeds amounting to $6.87 million. Reddit added that the confirmed profits from the sale are negligible. Additionally, since the pandemic, Reddit has seen a decline in advertising demand due to global economic concerns, rising interest rates, and uncertainties in geopolitical conditions.

PANews, October 31, reported by Cointelegraph, that the social media platform Reddit disclosed in a recent filing with the U.S. Securities and Exchange Commission (SEC) that it sold the majority of its cryptocurrency holdings in the third quarter of 2024. Most of the sold cryptocurrencies came from its reserves of Bitcoin and Ethereum, with the proceeds from the sale amounting to $6.87 million. However, Reddit added that the book net value of its cryptocurrencies and the gains confirmed from the sale were negligible during this reporting period. The document also revealed that since the pandemic, Reddit's advertising demand has declined due to global economic concerns, rising interest rates, and uncertainties in geopolitical conditions.

Reddit has sold off most of its Bitcoin and Ethereum holdings in the third quarter.

Reddit has sold off most of its Bitcoin and Ethereum holdings in the third quarter.