Reddit holds Bitcoin, Ether, and Matic on its balance sheet, according to its IPO filing.
Reddit has acquired major cryptocurrencies, including Bitcoin, for a variety of reasons and has said it has been accepting digital asset payments for limited services since at least 2022.
Social network Reddit holds Bitcoin (BTC), Ethereum (ETH), and Polygon (MATIC), according to its IPO submission to the U.S. SEC on February 22nd. Reddit said it is experimenting with blockchain technology and cryptocurrency tokens. We plan to list under the ticker RDDT and therefore comply with disclosure requirements.
We invested some of our excess cash reserves in Bitcoin and Ethereum, and also acquired Ethereum and Matic as payment for the sale of certain virtual goods. This will continue in the future. Ether and Matic received through the sale of virtual goods were immaterial for the years ended December 31, 2022 and 2023.
IPO SEC Filing
The company also said its product and engineering teams leverage cryptocurrency for specific use cases. Earlier this year, the social media giant confirmed its IPO, scheduled for March. Reddit plans to offer 10% of its shares in 2021 after being valued at $10 billion.
Our users take deep ownership of the communities they create on Reddit. We want this sense of ownership to be reflected in actual ownership. So that our users can become our masters. This becomes possible when it becomes a public enterprise.
Reddit co-founder Steve Huffman
The social network is a hub for blockchain discourse and cryptocurrency alpha, with more than 850 million monthly active users last year. According to a CoinWire report, 80% of cryptocurrency conversations on Reddit in 2023 were positive.
However, the platform has not been without its share of cryptocurrency controversies, as site administrators have received backlash over their decision to end its blockchain-based community points program.