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Social media giant Reddit has revealed that it uses some of its excess cash to invest in bitcoin (btc) and Ether (eth).
The information was disclosed on February 22 in its user information for an initial public offering (IPO) on the New York Stock Exchange.
In addition to holding what he described as “immaterial” amounts of bitcoin and Ether late last year, he also revealed that at some point he had also purchased Ether and Polygon (MATIC) as a way to pay for virtual goods, adding that “many will continue doing so in the future.”
Reddit will join MicroStrategy and Tesla among listed companies that own crypto assets
If the IPO filing is approved, Reddit expects its shares, under the symbol “RDDT,” to begin trading in March. It would join a small number of public companies, including Michael Saylor's Microstrategy and Elon Musk's Tesla, that hold cryptocurrencies on their balance sheets.
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Reddit has invested its excess cash reserves in bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoinIt's just starting pic.twitter.com/082krriUdb
— Vivek ✓ (@Vivek4real_) February 22, 2024
Reddit posted sales of $804 million in 2023 and has $1.3 billion in cash and $1.6 billion in assets, according to the filing.
Reddit co-founder Steve Huffman said the public listing, which would be the first for a social media company since 2019, sought to advance the company's mission while making it a stronger company.
It also wants to give its users a sense of ownership. “Being a public company makes that possible,” Huffman said.
Donut (DONUT), an ERC-20 token that represents community points for the /r/ethtrader subreddit, is up 42% in the last 24 hours, according to CoinGecko data.
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