So, here’s the latest buzz: Reddit, the powerhouse of online convos, just dumped a pile of Bitcoin (BTC) and Ether (ETH) right before BTC’s latest skyrocket in October. This wasn’t just a random move, though – they spilled the beans in a recent 10-Q SEC filing, hinting it was just “immaterial” paper gains. But they sold right as BTC’s price was winding up for a major pop. Skeptics are in a twist, while Reddit? They’re sitting back, low-key.
Reddit Gets Out, Just Before BTC Goes Boom
According to the SEC filing, Reddit “sold the majority of our cryptocurrency portfolio, which consisted primarily of Bitcoin and Ether” by the end of September 2024. Funny timing, right? Right before Bitcoin decided to flex on the market. The sale didn’t exactly ruffle their balance sheet – Reddit was quick to call it “immaterial,” the official code for “meh, no big deal.” But with BTC lighting up charts just a tick later, folks are wondering if Reddit’s got cold feet or just some wacky crystal ball.
For those keeping score, Reddit floats on the New York Stock Exchange under RDDT. Just recently, that ticker jumped 37.86% in USD, doing numbers even while its crypto experiment got downsized.
A Long Winding Ride with Crypto, Reddit Style
Reddit’s not a stranger to crypto chaos, though. Back in the wild west of 2013, Reddit let users fork out BTC for Reddit Gold. Through Coinbase, no less. But by 2018, that option faded away with the platform’s blockchain points project, only to be replaced with a more cautious approach – no crypto in the treasury except BTC and ETH by the end of 2023. This move’s gotta be board-approved and tight-leashed, per Reddit’s own policy.
The specifics? Left out. No one knows just how much BTC or ETH Reddit tossed, but it’s enough to leave the crypto crowd scratching heads. Their wallet details – leaked out by Arkham Intelligence – trace back to 2021, when a Reddit wallet held a spicy 1,500 ETH, long since liquidated, leaving barely a sliver of ETH in its wake.
Mysterious Moves, and Crypto-Heavy Curiosity
Reddit’s history with crypto’s been a rollercoaster, and even though they’re cashing out, it doesn’t mean they’re out for good. The timing’s got tongues wagging, but they’ve pulled moves like this before. Some think it’s just classic Reddit, always making big plays then dipping out before the smoke clears.
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