Reddit Files for IPO, Reveals Bitcoin and Ethereum Investments
Social media platform Reddit has filed for an initial public offering (IPO), referring to documents submitted to the SEC. The documents also disclose that the company holds Bitcoin and Ethereum.
The Reddit social community platform has added Bitcoin (BTC) and Ethereum (ETH) to its financial balance sheet when filing for an IPO, according to documents submitted on Thursday (2/22/24) to the SEC.
In the filing for the initial public offering (IPO), the platform stated that they have invested some excess cash reserves in BTC and ETH, although the amount was not specified. Reddit also mentioned that they have acquired Polygon (MATIC) tokens to pay for certain virtual assets.
"We have invested a portion of our excess cash reserves in Bitcoin and Ether and have also acquired Ether and Matic as a form of payment for sales of certain virtual assets, which we may continue to do in the future," the filing stated.
Reddit noted that the net value of the crypto assets they hold is not significant enough to be disclosed. They added that they hold crypto assets so that their product and engineering teams can utilize them.
If Reddit successfully completes the public offering, its shares will be traded on the New York Stock Exchange under the stock symbol RDDT, according to the filing documents.
Reddit is not a newcomer to the crypto assets space. In 2020, the website launched Moons and Bricks, tokens running on the Ethereum network. Users who contribute to specific sections known as subreddits of the site could receive Moons or Bricks as rewards. However, Reddit removed this feature in November 2023.
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This content aims to enrich reader information. Always conduct independent research and use disposable income before investing. All buying, selling, and crypto asset investment activities are the reader's responsibility.
