Social media giant Reddit has revealed that it is investing its excess funds in Bitcoin (BTC) and Ethereum (ETH).
The information was disclosed in Reddit's initial public offering (IPO) prospectus filed with the New York Stock Exchange on February 22.
In addition to holding what it called “insignificant” amounts of Bitcoin and Ethereum at the end of last year, Reddit also revealed that it had purchased Ethereum and Polygon (MATIC) in the past to pay for virtual goods, adding that it may continue to do so in the future.
If the IPO application is approved, Reddit expects its shares (ticker: "RDDT") to begin trading in March. It would become one of a handful of publicly traded companies to hold cryptocurrencies on their balance sheets, including Michael Saylor's Microstrategy and Elon Musk's Tesla.
Reddit had sales of $804 million in 2023 and had $1.3 billion in cash and $1.6 billion in assets, the IPO filing showed.
Reddit co-founder Steve Haverman said going public will help advance the company's mission and make it a stronger company.
It also wants to give users a sense of ownership. “Being a public company makes that possible,” Huffman said.
According to data from CoinGecko, Donut (DONUT), an ERC-20 token representing community points in the /r/ethtrader sub-forum, has gained 42% in the past 24 hours.
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