PANews, October 31 - According to Cointelegraph, the social media platform Reddit disclosed in documents recently submitted to the U.S. Securities and Exchange Commission (SEC) that it sold most of its cryptocurrency holdings in the third quarter of 2024. Most of the sold cryptocurrencies came from its holdings of Bitcoin and Ethereum reserves, with proceeds from the cryptocurrency sales totaling $6.869 million. However, Reddit added that the book net value of its cryptocurrencies and the recognized gains from the sales were negligible during this reporting period. The document also revealed that since the pandemic, Reddit's advertising demand has declined due to global economic concerns, rising interest rates, and uncertainty in geopolitical conditions.
