Reddit Reveals Bitcoin and Ethereum Holdings in IPO Filing

Social media giant Reddit said it had invested some of its surplus cash in Bitcoin (BTC) and Ethereum (ETH).

This information was disclosed in the New York Stock Exchange’s initial public offering (IPO) business prospectus on February 22nd.

He revealed late last year that in addition to holding “insignificant” amounts of Bitcoin and Ethereum, he also purchased Ethereum and Polygon (MATIC) at some point as a form of payment for virtual goods. “Many will continue to do so,” he added.

Reddit joins MicroStrategy and Tesla among publicly traded companies holding cryptocurrency assets

If the IPO application is approved, Reddit expects the stock to begin trading in March under the ticker “RDDT.” It would join a handful of public companies, including Michael Saylor’s Microstrategy and Elon Musk’s Tesla, that have cryptocurrencies on their balance sheets.

Just came in:
Reddit invested its excess cash reserves in: #Bitcoin

It’s just the beginning 🚀 pic.twitter.com/082krriUdb

— Vivek✓️ (@Vivek4real_) February 22, 2024

Reddit reported 2023 revenue of $804 million and had $1.3 billion in cash and $1.6 billion in assets.

Reddit co-founder Steve Huffman said the public listing, which will be the social media company’s first since 2019, seeks to advance the company’s mission while also making it a stronger company.

They also want to give users a sense of ownership. “Being a public company makes this possible,” Huffman said.

DONUT, an ERC-20 token representing community points on the /r/ethtrader subreddit, is up 42% in the past 24 hours, according to CoinGecko data.

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