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🔥🔥🔥Reddit buys Bitcoin, Ethereum and MATIC and files new IPO with SEC
#Reddit has taken an important step towards its initial public offering by formally submitting the S-1 to the Securities and Exchange Commission. The social media giant announced in its application that it has invested in crypto assets, including Bitcoin and Ether, and has also acquired Polygon's MATIC.
"We have invested some of our excess cash reserves in Bitcoin and Ether, and we have also purchased Ether and #MATIC as a form of paying for the sale of certain virtual goods, we may continue to do so in the future," the application said.
The company explained that crypto assets did not bring in much money during the periods covered by the IPO paperwork.
Reddit wrote in S-1: "The net book value of our cryptocurrencies, consisting primarily of Bitcoin and Ether, and all related cryptocurrency activities, was insignificant for the periods presented."
These investments are part of Reddit's strategy to integrate blockchain technology into its operations and offer new forms of pay for virtual goods.
Despite these difficulties, Reddit's board of directors has approved investments in Bitcoin, Ether and potentially other cryptocurrencies that are not considered securities by regulatory authorities.
As of the end of 2023, Reddit's crypto investments of the Treasury were limited to Bitcoin and Ether. Since the product and engineering teams also use these digital assets for specific applications, the company's use of crypto goes beyond Treasury purposes.
Looking ahead, Reddit is preparing to be listed on the New York Stock Exchange with the symbol "RDDT".
