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. In its SEC FORM 10-Q filing, the company disclosed the sale of three digital assets, including Bitcoin and Ether.

Many observers and analysts were surprised by Reddit’s sale and recent filing with the SEC. The liquidation came weeks before Bitcoin and the rest of crypto started pumping.

Reddit’s SEC filing indicated that it sold Bitcoin at prices between $54,000 and $68,000, missing a potentially lucrative sale this week that could have fetched $73,000 or even higher.

Reddit Missed The ‘Uptober’ Surprise, Say Crypto Traders

Although the filing of SEC FORM 10-Q is a quarterly obligation of publicly listed companies, the content of Reddit’s report was surprising and informative, at least for some crypto traders.

Records show that the company sold off most of its Bitcoin and Ether holdings before September 30th, weeks before the world’s top crypto started pumping and testing new highs.

In the same SEC filing, Reddit shared that it has sold most of its crypto portfolio, including Bitcoin and Ether. Bitcoin was sold between $53,000 and $73,000.

Although the company did not disclose the specific amount of crypto sold, it maintained that the net carrying value and gain are immaterial.

The Curious Case Of Crypto For Reddit

Reddit also stated that its crypto holdings sold in the third quarter were only included in the portfolio for “treasury purposes.” The company also explained that it needs board approval to execute future crypto purchases and investments as part of its strategy.

BTCUSD trading at $72,319 on the daily chart: TradingView.com

Reddit further stated that their crypto investments are limited to Bitcoin, Ether, and other digital assets th

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Author: Christian Encila