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Reddit Sold Most of Its Bitcoin and Ether Holdings Weeks Before the Crypto Market Pumped

Mary-Kate Olsen

Nov 01, 2024 am 06:06 AM

reddit Bitcoin SEC Sell-Off

According to filings with the Securities and Exchange Commission (SEC), Reddit, the popular discussion forum and online community, has sold most of its crypto holdings.

Reddit Sold Most of Its Bitcoin and Ether Holdings Weeks Before the Crypto Market Pumped

Reddit, a popular online community and discussion forum, has sold the majority of its cryptocurrency holdings, according to filings with the Securities and Exchange Commission (SEC). The company disclosed the sale of three digital assets in its SEC FORM 10-Q filing, including Bitcoin and Ether.

The sale by Reddit and its recent filing with the SEC surprised many observers and analysts. The liquidation occurred weeks before Bitcoin and other cryptocurrencies began to pump.

According to Reddit’s SEC filing, the company sold Bitcoin at prices ranging from $54,000 to $68,000, missing out on a potentially lucrative sale this week that could have netted them $73,000 or more.

Crypto traders were surprised by Reddit missing out on ‘Uptober.'

While filing SEC FORM 10-Q is a quarterly requirement for publicly traded companies, the content of Reddit’s report surprised some crypto traders, providing valuable insights.

The company sold off the majority of its Bitcoin and Ether holdings before September 30th, according to the records, which was weeks before the world’s top cryptocurrency began to pump and reach new highs.

Reddit also disclosed in the same SEC filing that it had sold the majority of its cryptocurrency portfolio, which included Bitcoin and Ether. Bitcoin was sold for a price ranging from $53,000 to $73,000.

The company did not disclose the precise amount of cryptocurrency sold but stated that the net carrying value and gain were immaterial.

The Curious Case Of Reddit's Cryptocurrency Holdings

Reddit also stated that the crypto holdings it sold in the third quarter were only part of the portfolio for "treasury purposes." The company also stated that it requires board approval to carry out future cryptocurrency purchases and investments as part of its strategy.

According to Reddit, their crypto investments are limited to Bitcoin, Ether, and other digital assets that the SEC statements do not classify as securities.

According to Forbes and other news organizations, several factors contribute to the recent Bitcoin-led crypto rally.

Reddit stock price rises after strong Q3 earnings

Reddit's recent filing and report had a positive impact on the stock. On the NYSE, Reddit stock increased by 41% on Wednesday, reaching $116 per share after the company announced a net income of $30 million for the current quarter.

Reddit's net income surpassed projections and improved significantly over the previous year's loss of $7.4 million in the same quarter.

Reddit anticipates fourth-quarter revenue of $385 million to $400 million, surpassing industry projections once more. According to Reddit CEO Steve Huffman, the company had a strong quarter and continues to achieve new milestones, such as revenue growth, an expanding user base, and profitability.

According to WIRED, the featured picture; TradingView provides the chart

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