Reddit discloses BTC and ETH holdings while applying for an IPO

Feb 23, 2024
Representatives of the platform stated that they had invested part of the funds in popular cryptocurrencies.

Reddit has filed an application with the U.S. Securities and Exchange Commission (SEC) to list shares on the New York Stock Exchange under the ticker “RDDT”. According to the statement of representatives of the social network, it was reported that in addition to BTC and ETH, Polygon (MATIC) tokens were previously purchased to pay for some virtual goods.

The company does not disclose data on the volume of tokens in possession and states that the value of digital assets is insignificant.

The IPO filing followed a multi-year process with regulators to turn Reddit into a public company. The auction is scheduled for March 2024. Reddit co-founder Steve Huffman said that going public would allow the company to finally go public.

According to the documents, Reddit’s sales in 2023 amounted to $804 million, which is significantly higher than the previous similar period. The company’s assets amount to $1.6 billion, including $1.3 billion in cash.