Reddit Files to Go Public, Says It Invested in Bitcoin and Ethereum

Social community platform Reddit has added Bitcoin (BTC) and Ethereum (ETH) to its balance sheet as it attempts to go public, a Thursday filing with the Securities and Exchange Commission shows.

In a filing for an initial public offering (IPO), the popular message board platform said that it had invested some excess cash reserves in the two leading cryptocurrencies—but didn't say how much.

Reddit also said that it had bought Polygon (MATIC) to pay for virtual goods. Polygon is an Ethereum scaling network.

"We invested some of our excess cash reserves in Bitcoin and Ether and also acquired Ether and Matic as a form of payment for sales of certain virtual goods, which we may continue to do in the future," the filing read.

Reddit noted that the "net carrying value" of its held cryptocurrencies was "immaterial for the periods presented." It added that it holds cryptocurrencies so its product and engineering teams can use them.

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If Reddit does go public, its stock will trade on the New York Stock Exchange under the ticker RDDT, the filing notes.

Reddit is no stranger to the digital asset space: Back in 2020, the website launched Moons and Bricks—tokens running on Ethereum's blockchain testnet. Those who contributed to certain sections (or subreddits) of the site could receive Moons or Bricks as rewards, and spend them for certain benefits. But Reddit scrapped the idea in November.

The company has also launched an expansive NFT avatars initiative on Polygon, both selling and giving away customized versions of the "Snoo" mascot designed by artists and in partnership with brands like the NFL. More than 34 million Reddit NFT avatars have been minted to date, according to public blockchain data collected by Dune.

Edited by Andrew Hayward