🔴 Reddit made a profit for the first time in its life by selling its Bitcoin and Ethereum assets
Reddit, the pioneer social media platform in the field of digital currencies, sold a major part of its digital assets in the third quarter of 2024.
▪️ According to the latest quarterly report, the company earned $6.87 million by selling most of its Bitcoin and Ethereum holdings. The sale helped Reddit turn a profit for the first time in its 19-year history. Reddit has also discontinued its Ethereum-based community rating system and blockchain wallet.
In its recent report to the US Securities and Exchange Commission (SEC), this company expressed concerns about the long-term adoption of digital currencies. Reddit has updated its investment policy to require board approval for future cryptocurrency purchases. These decisions represent a gradual scaling back of Reddit's blockchain initiatives that previously engaged users.
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