<img src="https://crypto.news/app/uploads/2023/11/crypto-news-bitcoin-and-ethereum-blurry-hologram-nft-blackground-bright-neon-colors-%D1%81yberpunk-style-v5.2.jpg” />
Reddit said it acquired large-cap cryptocurrencies, including bitcoin, for various reasons and has received digital asset payments for limited services since at least 2022.
The social network Reddit owns bitcoin (btc), ethereum (eth) and Polygon (MATIC) according to its initial public offering (IPO) presentation with the US SEC on February 22. The company said it is experimenting with blockchain technology and cryptographic tokens, meeting disclosure requirements, as it plans to go public under the symbol RDDT.
We invest some of our excess cash reserves in bitcoin and Ether and also purchase Ether and Matic as payment for sales of certain virtual goods, which we may continue to do in the future. Ether and Matic received from sales of virtual goods were not material for the years ended December 31, 2022 and 2023.
IPO filing with the SEC
The company also said that its product and engineering teams leverage cryptocurrencies for specific use cases. Earlier this year, the social media giant confirmed its next IPO scheduled for March. Reddit plans to offer 10% of its shares after being valued at $10 billion in 2021.
Our users feel a deep sense of ownership over the communities they create on Reddit. We want this sense of ownership to be reflected in real ownership; so that our users are our owners. Becoming a public company makes this possible.
Steve Huffman, co-founder of Reddit
The social network is a hub for blockchain and crypto alpha discourse, with more than 850 million monthly active users registered last year. A CoinWire report said that 80% of Reddit cryptocurrency conversations in 2023 were positive.
The platform has not been without cryptocurrency controversy, however, as the site's administrators received backlash for the decision to discontinue its blockchain-powered community points program.