Social media platform Reddit sold the total bitcoin and ether it became once holding for treasury capabilities at some level of the third quarter of this year — a quarter that saw the firm flip its first profit since it became once basically based 19 years ago.

Reddit pocketed $6.87 million from the sale of its BTC and ETH because it reported a third-quarter profit of $29.9 million, despite the fact that it acknowledged the regain identified on the sale became once “immaterial” to its Q3 results.

“Whereas we predict about cryptocurrencies and blockchain abilities rating principal potential, the popularity and prevalence of cryptocurrencies is a moderately most licensed pattern, and whether cryptocurrencies and blockchain abilities will continue to be adopted by customers and companies within the lengthy timeframe is unsure,” Reddit acknowledged in its 10-Q submitting to the U.S.Securities and Alternate Price.

Reddit has lengthy been a venue for cryptocurrency discussions, with assorted “subreddit” forums dedicated to Bitcoin, Ethereum, and other digital sources.

Reddit started allowing customers to pay for top rate memberships utilizing cryptocurrencies in 2013, but its first significant foray into digital sources got here when it launched its Neighborhood Facets plan in 2020.

The plan introduced two Ethereum-basically based entirely tokens, MOON and BRICK, designed to incentivize person participation namely subreddits by rewarding customers with tokens for their contributions.

In 2021, Reddit launched a blockchain-basically based entirely wallet named “Vault” to preserve community facets and collectibles, and the following year it introduced Polygon-basically based entirely collectible NFT avatars.

Since then, nonetheless, the firm appears to be like to be to rating changed its tune, and has started phasing out blockchain-basically based entirely initiatives alongside with its acceptance of crypto for payments and the Neighborhood Facets plan, which it shut down final November, announcing it became once no longer scalable.