Reddit holds Bitcoin, Ether, Matic on balance sheet per IPO filing

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Reddit mentioned it acquired main cap cryptocurrencies, together with Bitcoin, for various causes and has obtained digital asset funds for restricted providers since no less than 2022. 

Social community Reddit holds Bitcoin (BTC), Ethereum (ETH), and Polygon (MATIC) in line with its preliminary public providing (IPO) filing with the U.S. SEC on Feb. 22. The corporate mentioned it experiments with blockchain know-how and crypto tokens, complying with disclosure necessities because it plans to go public below the ticker RDDT.

We invested a few of our extra money reserves in Bitcoin and Ether and likewise acquired Ether and Matic as a type of cost for gross sales of sure digital items, which we might proceed to do sooner or later. Ether and Matic obtained from the gross sales of digital items was not materials for the years ended December 31, 2022 and 2023.

IPO SEC submitting

The corporate additionally mentioned that its product and engineering groups leverage cryptocurrencies for particular use instances. Earlier this yr, the social media large confirmed its forthcoming IPO slated for March. Reddit plans to supply 10% of its shares after being valued at $10 billion in 2021.

Our customers have a deep sense of possession over the communities they create on Reddit. We would like this sense of possession to be mirrored in actual possession; for our customers to be our house owners. Turning into a public firm makes this potential.

Steve Huffman, Reddit co-founder

The social community is a hub for blockchain discourse and crypto alpha, with over 850 million month-to-month lively customers recorded final yr. A CoinWire report mentioned 80% of Reddit’s crypto conversations in 2023 have been optimistic.

Nevertheless, the platform has not been with out crypto controversy as the positioning’s directors received backlash over a call to sundown its blockchain-powered neighborhood factors program. 

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