CandleFocus

Reddit Dumped Most of Its Bitcoin Well Before 'Uptober' Pump

Author: Content Editor
Social media platform Reddit sold the majority of its cryptocurrency portfolio, consisting primarily of Bitcoin and Ether, during the third quarter, according to a filing with the SEC. The company purchased the digital assets using excess cash but described the proceeds from the recent sale as "immaterial." The amount of cryptocurrency sold is unknown, but the sale took place between July and September, missing out on Bitcoin's recent gains. Reddit still holds some crypto, including Ethereum and Polygon derived from the sale of virtual avatars. The company stated that while it sees potential in cryptocurrencies and blockchain technology, the long-term adoption is uncertain. Reddit's stock price surged 41% after it reported a net income of $30 million for the quarter.

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