tl;dr
Reddit has filed to go public on the NYSE and has invested in cryptocurrencies, including Bitcoin and Ethereum. The company also acquired ETH and Polygon (MATIC) for sales of virtual goods, but clarified that it only held BTC and ETH for treasury purposes as of December 31. Reddit stated that it doe...
Reddit has filed to go public on the NYSE and has invested in cryptocurrencies, including Bitcoin and Ethereum. The company also acquired ETH and Polygon (MATIC) for sales of virtual goods, but clarified that it only held BTC and ETH for treasury purposes as of December 31. Reddit stated that it does not plan to invest in other cryptocurrencies unless they are identified as not being securities.
Social media platform Reddit filed an S-1 registration statement with the Securities and Exchange Commission (SEC) on Thursday in a bid to go public on the New York Stock Exchange (NYSE). The filing revealed that the company had invested some of its “excess cash reserves” into multiple cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH). According to the filing, the firm also acquired both ETH and one of the network’s layer 2 tokens, Polygon (MATIC), “as a form of payment for sales of certain virtual goods.”
As of December 31, the firm clarified that it only held BTC and ETH as crypto assets for treasury purposes. It also said that the net carrying value of its BTC and ETH holdings was, at that time, “immaterial.” In the future, Reddit does not intend to invest in other cryptos unless they are identified as likely not being securities by federal regulators.
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