Reddit sells crypto assets before Bitcoin’s October surge
Reddit recently disclosed the sale of a significant portion of its cryptocurrency holdings just before Bitcoin (CRYPTO:BTC) experienced a notable price increase in October.
The social media platform shared this information in its 10-Q filing with the U.S. Securities and Exchange Commission (SEC), revealing that it sold most of its crypto portfolio, which primarily consisted of Bitcoin and Ethereum (CRYPTO:ETH).
The filing stated, “During the three months ended September 30, 2024, we sold the majority of our cryptocurrency portfolio, which consisted primarily of Bitcoin and Ether. The net carrying value of our cryptocurrencies, as well as the gain recognised on sale, was immaterial for the periods presented.”
This disclosure coincides with Reddit trading under the ticker RDDT on the New York Stock Exchange.
The timing of the sale is noteworthy, as it occurred just before BTC’s substantial price jump in October.
Reddit’s stock surged by nearly 38% on Wednesday, reflecting growing market interest.
The company’s earlier SEC filings indicated that as of December 31, 2023, it only held Bitcoin and Ether for treasury purposes.
The filing emphasised that any investments in cryptocurrencies required approval from the board of directors, reinforcing a cautious approach to digital assets.
Reddit has had a long history with cryptocurrencies.
In 2013, the platform introduced Bitcoin payments for Reddit Gold subscriptions, a feature that was later discontinued in 2018.
The platform has also experimented with blockchain-based community points and explored non-fungible tokens (NFTs).
According to Arkham Intelligence, a wallet previously associated with Reddit once held over 1,500 ETH in 2021.
However, the wallet has since liquidated its holdings, with just over 1 ETH remaining today.
At the time of reporting, the Bitcoin price was $72,486.77.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Gold price near all-time high amid increased bitcoin and equity volatility
Gold is trading above $2,820, nearing Monday’s all-time high, while volatility in bitcoin and U.S. equities continues to rise.Analysts underscore gold’s status as a safe-haven asset during market uncertainty — noting that, although bitcoin is often dubbed “digital gold,” its greater volatility and shorter track record make it a less stable alternative.
US Ethereum ETFs post record $1.5 billion daily trading volume amid Trump tariff turmoil
Spot Ethereum ETFs in the U.S. witnessed record trading volumes on Monday amid the President Trump tariff-fueled turmoil.Following Trump’s tariff announcements on Saturday, ether was one of the hardest hit, dropping 36% to a low of around $2,100 on Monday.
Trump effect on bitcoin so far similar to 2016 win
The end of the bull market would look much worse than this
Crypto Price Today (Feb 4, 2025): BTC, ETH Rebounds in Relief