IPO filing reveals Reddit’s balance sheet includes Bitcoin, Ether, and Matic.
Reddit has announced that it holds significant amounts of major cryptocurrencies, including Bitcoin, Ethereum, and Polygon, according to its recent IPO filing with the U.S. Securities and Exchange Commission. The social network stated that it has been experimenting with blockchain technology and crypto tokens, and it plans to comply with disclosure requirements as it goes public under the ticker RDDT. Additionally, Reddit revealed that its product and engineering teams are utilizing cryptocurrencies for specific purposes. The company is set to launch its IPO in March, offering 10% of its shares after being valued at $10 billion in 2021.
With over 850 million monthly active users, Reddit has become a prominent platform for discussions on blockchain and cryptocurrencies. A report by CoinWire stated that 80% of Reddit’s crypto conversations in 2023 were positive. However, the platform has faced some controversy regarding its blockchain-powered community points program, which led to criticism from users. Despite this, Reddit remains a popular destination for crypto enthusiasts, and its acquisition of major cryptocurrencies demonstrates its commitment to the digital asset space.
