Social media platform Reddit filed an S-1 registration statement with the Securities and Exchange Commission (SEC) on Thursday in a bid to list on the New York Stock Exchange (NYSE).
The filing revealed that the company has invested some of its “excess cash reserves” in multiple cryptocurrencies, including bitcoin (btc) and ethereum (eth).
- According to the presentationThe company also acquired eth and one of the network's layer 2 tokens, Polygon (MATIC) “as a form of payment for sales of certain virtual goods.”
- “We also acquire and hold digital assets that are cryptocurrencies for use by our product and engineering teams, which is limited to specific uses,” the company stated.
- As of December 31, the firm clarified that it only held btc and eth as cryptoassets for treasury purposes. He also said that the net book value of his btc and eth holdings was, at the time, “immaterial.”
- Going forward, Reddit does not intend to invest in other cryptocurrencies unless federal regulators identify them as likely non-securities.
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