In Reddits latest regulatory filing, the company revealed that it sold most of its Bitcoin (BTC) and Ethereum (ETH) treasury assets, generating $6.87 million.

Author on CryptoPotato Wayne Jones thinks that the sale of Reddit’s crypto holdings marks a shift away from blockchain and digital asset initiatives that have defined its recent history.

Does this mean that Raddit is Abandoning Crypto-Driven Strategies?

The company was significantly envolved in crypto, they even "developed a blockchain-based wallet called “Vault,” which allowed users to manage the two tokens and other digital collectibles. This was followed by the rollout of Polygon-based NFT avatars in 2021."

However, in its latest submission to the SEC, Reddit expressed an evolving outlook on crypto assets. While acknowledging the industry’s “significant potential,” the company said it was worried about uncertainties surrounding their long-term adoption.