documents submitted by social media website Reddit to the US Securities and Exchange Commission (SEC) show that most of their cryptocurrency investment portfolio was sold in the third quarter, including previously held Bitcoin and Ethereum that were used for financial reserves. Reddit stated: "We sold most of our cryptocurrency investment portfolio, mainly including Bitcoin and Ethereum. The net book value of the held cryptocurrency and the proceeds from the sale are irrelevant." Although the amount of cryptocurrency sold is unclear, the time of sale was in the third quarter ending on September 30th.
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Reddit sold most of its cryptocurrency holdings in the third quarter
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