On February 22, the social media site Reddit announced that it had invested in or held various cryptocurrencies.
Reddit filed this information with the U.S. Securities and Exchange Commission. The filing primarily indicates that it intends to run an IPO and list shares on the New York Stock Exchange (NYSE) as “RDDT.”
Reddit said in one section that it had invested a part of its surplus cash reserves into two cryptocurrencies, Bitcoin (BTC), and Ethereum (ETH).
Reddit has also revealed that it owns Ethereum (ETH) tokens and Polygon (MATIC), both of which are tokens derived from the sales of virtual goods. Reddit said that the earnings from virtual goods were “not substantial” for the fiscal years ended December 31st 2022 and 2023.
The social media company said it also holds cryptocurrency to be used by its engineering and product teams. It did not name any specific cryptocurrency held for that purpose.
Reddit stated that its investments in crypto assets for treasury are limited to Bitcoin, Ethereum and other cryptocurrencies which the SEC or other agencies will likely identify as non-security asset. The SEC has taken action against some firms for…
