News View Non-AMP

Reddit Sold Major Crypto In Q3; Misses Out On Bitcoin’s Uptober Gains

Published by
Nidhi Kolhapur

The latest filing with the SEC has revealed that Reddit has sold the majority of its cryptocurrency portfolio during the third quarter, offloading Bitcoin and Ethereum once held “for treasury purposes.” 

When the social media company filed for an initial public offering in February, the company held an “immaterial” amount of crypto on its balance sheet, purchasing digital assets using excess cash. On Tuesday, Reddit used the same language to describe proceeds from the recent sale.

“We sold the majority of our cryptocurrency portfolio, which consisted primarily of Bitcoin and Ether,” Reddit stated. “The net carrying value of our cryptocurrencies, as well as the gain recognized on sale, was immaterial.”

Reddit Misses Out On BTC Gains

While the amount of cryptocurrency sold is not disclosed, the sale taking place during the quarter ending September 30 implies that Reddit missed out on the latest gains seen by Bitcoin, as it is closely approaching a new all-time high. 

Bitcoin is currently trading above $72,000. Between July and September, during which Reddit sold its assets, the price of Bitcoin ranged between approximately $54,000 and $68,000.

Reddit Uncertain Over Crypto Adoption

However, Reddit still holds some crypto including Ethereum and Polygon derived from the sale of virtual avatars, which exist on the Ethereum scaling network. Reddit also revealed that it holds MATIC, though Polygon recently began the process of migrating its token to a new one called POL.

“While we believe cryptocurrencies and blockchain technology have significant potential, the popularity and prevalence of cryptocurrencies is a relatively recent trend, and whether cryptocurrencies and blockchain technology will continue to be adopted by consumers and businesses in the long term is uncertain,” Reddit asserted.

Nidhi Kolhapur

Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.

Recent Posts

Still Under $0.05, This DeFi Token Is Being Labelled One of the Best Cryptos to Buy Before Listings

With the cryptocurrency market regaining momentum and new capital flowing into early-stage projects, investors are…

May 8, 2025

Is RLUSD Replacing XRP for Good? Brad Garlinghouse Clarifies

Ripple’s new stablecoin RLUSD is quickly gaining ground and it’s stirring up serious questions about…

May 8, 2025

Pol (MATIC) Price Prediction 2025, 2026 – 2030: Will MATIC Price Surge to $1?

Story Highlights The live price of the Polygon coin is . The MATIC price could…

May 8, 2025

Binance Coin BNB Price Prediction 2025, 2026 – 2030: Will BNB Hit $1000?

Story Highlights Binance Coin Price Today is . The BNB price prediction anticipates a potential…

May 8, 2025

Best Crypto to Buy Now Offering Simple ETH Alternatives

The aforementioned emerging projects offer streamlined solutions with real utility—whether it’s Bitcoin-based meme trading, meme…

May 8, 2025

Avalanche Price Prediction 2025, 2026 – 2030: Will AVAX Price Hit $100?

Story Highlights The live price of Avalanche crypto token is . Avalanche price may reach…

May 8, 2025