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Мanagement Reddit sold the lion's share of bitcoins and Ethereum

Мanagement Reddit sold the lion's share of bitcoins and Ethereum

HappyCoinNews2024/10/31 22:33
By: HappyCoinNews
BTC-0.49%ETH-1.22%POL-4.09%

Forum Management Reddit sold the lion's share of bitcoins and Ethereum (ETH) held on the company's balance sheet.

Employees Reddit began buying digital assets in 2022. They spent fiat currency on coins that the US government has classified as assets that are “likely not securities.” In addition, Ethereum and Bitcoin, the list of these coins included token Polygon (POL).

In February 2024, in an application for an IPO, representatives Reddit noted the high potential of cryptocurrencies and blockchain technology. However, judging by the recently filed financial report, this did not stop the company from getting rid of most of the digital assets. It turned out that in the third quarter of 2024, when the cryptocurrency market was in a bearish trend, the company sold BTC, ETH and POL for a total of $6,9 million.

This year Reddit managed to achieve great success in the financial field. In the first nine months of 2024, the company's revenue increased by 57% compared to the same period in 2023 and amounted to $872,5 million.

In addition, the company's earnings before interest, taxes, depreciation and amortization reached $143,7 million, while last year the organization suffered a loss of $92,4 million. After the publication of the report, the stock market Reddit As expected, a strong bullish trend emerged, and they went up by 42% per day.

Мanagement Reddit sold the lion's share of bitcoins and Ethereum image 0

Stock price surge Reddit after the financial report was released

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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