Reddit generated approximately $6.869 million in revenue by disposing of the majority of its cryptocurrency assets, which were primarily Bitcoin and Ethereum, in Q3 2024.
Reddit decreased its digital currency investments during the third quarter of 2024, as indicated by its most recent filings with the Securities and Exchange Commission (SEC).
Bitcoin BTC at $68,718.96 and Ethereum ETH at $2,464.38 were the primary cryptocurrency assets that the social platform sold.
The filing disclosed that the sale of cryptocurrencies generated an estimated $6.869 million in proceeds during the three-month period concluding on September 30.
The company’s strategy on investing in digital assets only allows Bitcoin, Ethereum, and other cryptocurrencies that US officials have said are not likely to be considered stocks.
In order to acquire Ethereum and Polygon’s token POL (formerly known as MATIC) MATIC $0.2994 as a form of payment for specific virtual products, Reddit previously invested some of their excess currency in BTC and ETH.
Ethereum and POL sales were not material for the year ending December 31, 2023, or the nine months ending September 30, 2024, according to the company’s SEC filing.
Reddit also emphasized the following: “We have also acquired and maintain digital assets that are cryptocurrencies for the exclusive use of our product and engineering teams.”
This cautious approach is indicative of the organization’s commitment to regulatory compliance and its emphasis on mitigating potential risks associated with digital asset investments.
In other news, Paolo Ardoino, the CEO of Tether, disclosed the company’s asset reserves in response to allegations of legal violations.
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