Posted 2/22/2024, 8:52:00 PM
Reddit Joins Corporate Crypto Club, Reveals Bitcoin and Ethereum Investments Ahead of 2023 IPO
- Reddit invested excess cash in bitcoin (BTC) and ether (ETH), joining companies like MicroStrategy and Tesla that directly purchased crypto assets
- In its IPO filing, Reddit disclosed it acquired ether, bitcoin, and Polygon (MATIC) but did not specify how many tokens it holds
- Reddit said it may continue investing in crypto and experimenting with blockchain technology in the future
- Reddit aims to go public in March 2023 under the ticker "RDDT" to advance its mission and give users real ownership as shareholders
- Reddit had $804 million in revenue in 2022 and has $1.6 billion in assets, including $1.3 billion in cash