In a significant move, Reddit has announced the sale of the majority of its cryptocurrency portfolio during the third quarter, offloading substantial holdings of Bitcoin and Ethereum that were previously maintained for treasury purposes. This decision marks a strategic shift for the platform, which had previously embraced digital assets as part of its financial strategy.
While Reddit did not disclose the exact amount or specific reasons behind the decision, the sale reflects broader market trends and may be influenced by current market conditions. The company had initially acquired these cryptocurrencies as a hedge and a means of diversification, but the recent divestment suggests a reevaluation of its approach to digital assets.
Reddit Sells Off Majority of Crypto Holdings in Q3, Including Bitcoin and Ethereum
