Reddit Plans NYSE IPO, Reveals Small Cryptocurrency Investments
• Reddit files for an initial public offering (IPO) and plans to trade on the NYSE under the ticker RDDT • The company has invested some of its excess cash reserves in Bitcoin, Ethereum, and Polygon • Reddit says the net carrying value of its cryptocurrency holdings is "immaterial" • The site previously launched tokens called Moons and Bricks on Ethereum testnets as rewards • Reddit has also launched an NFT avatar initiative on Polygon, selling over 34 million custom Snoo avatars