Reddit invests in Bitcoin and Ethereum

Reddit revealed in its S-1 IPO filing that it has invested part of its excess cash reserves in Bitcoin and Ethereum, holding them for treasury purposes.

The company stated that its crypto investments are limited to assets likely not classified as securities by regulators such as the SEC and CFTC.

Reddit also disclosed that it received ETH and MATIC as payment for virtual goods, though the amounts were not material for fiscal years 2022 and 2023.

Additionally, Reddit holds digital assets for use by its product and engineering teams, restricted to specific internal applications.

The company plans to list on the New York Stock Exchange under the ticker RDDT, marking the first social media IPO since Pinterest in 2019.

FAQ

Why did Reddit invest in Bitcoin and Ethereum?

Reddit used excess cash reserves to invest in cryptocurrencies for treasury purposes.

What other crypto assets does Reddit hold?

Reddit also received ETH and MATIC as payment for virtual goods, and holds some assets for internal use.

Is Reddit going public?

Yes, Reddit filed for an IPO and plans to list under the ticker RDDT on the NYSE.