According to a report by BlockBeats on October 31, Reddit sold off most of its cryptocurrency portfolio in the third quarter, liquidating Bitcoin and Ethereum 'for financial reserves' according to documents filed with the U.S. Securities and Exchange Commission (SEC).
When the social media company filed for its initial public offering (IPO) in February, it held an 'insignificant' amount of cryptocurrency on its balance sheet, having used idle funds to purchase digital assets. On Tuesday, Reddit used the same wording to describe the proceeds from recent sales.
'We sold off most of our cryptocurrency portfolio, primarily consisting of Bitcoin and Ethereum,' Reddit stated. 'The net carrying value of the cryptocurrency we held and the proceeds from the sale are both insignificant.'
Although the amount of cryptocurrency sold is unclear, the timing of the sale was for the third quarter ending September 30.
When asked about the dollar value of its cryptocurrency portfolio or the definition of 'insignificant' amounts, Reddit did not immediately respond to Decrypt's request for comment. (Decrypt)
