Reddit sells Bitcoin and Ethereum

Reddit raises the ire of maxis by selling Bitcoin: NGMI (Not Gonna Make It), criticism sounds. And: They can join Germany and Peter Schiff.

In a submission at the SEC Reddit announced that it has sold several digital assets, including Bitcoin and Ethereum.

"In the three months to Sept. 30, 2024, we sold most of our crypto portfolio, which consisted mainly of Bitcoin and Ether," the social media company said.

Exactly how much BTC and ETH Reddit sold and for what amount is not yet clear. In its February IPO report this year, Reddit listed the crypto wallet as "unimportant" described.

On X, the Bitcoin community responded with criticism. "They can join Germany and [Peter] Schiff in the crying corner," one user wrote. Others say, NGMI, Not Gonna Make It.

In early July, Germany's public prosecutor's office sold about 50,000 BTC, by necessity, as blockchain expert Dr. Lennart Ante confirmed. Because the Bitcoin exchange rate was significantly lower in July than it is now, the state of Saxony missed out on a 22 percent price increase. At 50,000 BTC, that's a lot of money: namely 606 million euros.

Now Reddit seems to be suffering the same fate. Between July and September, the crypto market fluctuated back and forth, and the real price rally did not begin until mid-October.

The sale prompted the Reddit share price barely affected. RDDT stands at $118 at the time of writing, with growth of three percent.