With over 430 million monthly active users, Reddit is also an important platform in the crypto field. There are a significant number of crypto investors among its users and there are large crypto communities on the platform. The company has exhibited a positive approach towards cryptocurrencies in the last few years and announced in its previous balance sheet report that it added cryptocurrencies to its reserves.
Reddit Sold Cryptocurrencies
Reddit, one of the largest social media platforms, notified the SEC in its latest earnings report. The company, which previously announced that it kept its cryptocurrency portfolio to strengthen its treasury, now reported that it sold them in the third quarter. In its IPO application in February, it was seen that there was cryptocurrency in the company’s balance sheet, although not very large.
In its recent statement, the company wrote the following;
“Firstly Bitcoin
$72,507 and Ether cryptocurrency We sold the majority of our portfolio. “The net book value of our cryptocurrency assets, as well as the proceeds from the sale, were insignificant.”
Between July and September, when the company sold its holdings, BTC fluctuated between $54,000 and $68,000. If they say they made even a small profit, their impatience shows that they missed the last market rally.
Reddit and Cryptocurrencies
The company still has some cryptocurrency. For example, old money obtained from the sale of digital avatars MATIC new POL tokens are included in this reserve. The company conducted some experiments, tested digital tokens and sold collectibles to reward users. However, it is difficult to say that he is absolutely sure about the future of cryptocurrencies, and his statements confirm this.
“cryptocurrency “While we believe that cryptocurrencies and blockchain technology have significant potential, the popularity and prevalence of cryptocurrencies is a relatively new trend and it is unclear whether cryptocurrencies and blockchain technology will continue to be adopted by consumers and businesses in the long term.”
Reddit in the future crypto- New investments in the field will need to be approved by the board of directors. Microsoft will also vote on the proposal to investigate the use of Bitcoin as a reserve asset at its shareholder meeting on December 10.
Bitcoin price is at $72,000 at the time of writing.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
