PANews reported on October 31 that according to Cointelegraph, the social media platform Reddit disclosed in a recent filing with the U.S. Securities and Exchange Commission (SEC) that the company sold most of its cryptocurrency holdings in the third quarter of 2024. Most of the cryptocurrencies sold came from its Bitcoin and Ethereum reserves, and the proceeds from the sale of cryptocurrencies were $6.869 million. However, Reddit added that the book value of its cryptocurrencies and the proceeds recognized from the sale were negligible in this reporting period. The document also revealed that Reddit's advertising demand has declined since the epidemic due to global economic concerns, rising interest rates, and uncertainty in geopolitical conditions.