Reddit recently disclosed in its IPO filing with the U.S. SEC that it holds Bitcoin (BTC), Ethereum (ETH), and Polygon (MATIC) as part of its investment portfolio. The social network has been exploring blockchain technology and crypto tokens, with plans to go public under the ticker RDDT.

The company revealed that it has invested its excess cash reserves in Bitcoin and Ether, as well as acquired Ether and Matic for the sales of virtual goods. While the amounts received from these transactions were not significant for the years ending in 2022 and 2023, Reddit remains open to utilizing cryptocurrencies for specific use cases.

“Our users have a deep sense of ownership over the communities they create on Reddit. We want this sense of ownership to be reflected in real ownership; for our users to be our owners. Becoming a public company makes this possible.” – Steve Huffman, Reddit co-founder

With an upcoming IPO scheduled for March, Reddit aims to offer 10% of its shares after being valued at $10 billion in 2021. The platform, known for its vibrant blockchain and crypto discussions, boasts over 850 million monthly active users, with a significant portion engaging in positive crypto conversations.

Despite its popularity in the crypto space, Reddit faced criticism for discontinuing its blockchain-powered community points program. The platform continues to be a focal point for crypto enthusiasts and investors looking to stay informed on the latest trends and discussions.

For more news and updates on cryptocurrencies and blockchain technology, continue exploring Global Crypto News.

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