coindesk.com
Reddit has submitted a filing with the Securities and Exchange Commission (SEC) to go public on the New York Stock Exchange under the ticker symbol “RDDT.”
As part of the filing, the social media platform also disclosed that it invested part of its excess cash in bitcoin (BTC) and ether (ETH). It also said that it purchased ether and Polygon (MATIC) “as a form of payment for sales of certain virtual goods.”
“We hold cryptocurrencies and experiment with blockchain technology, which may subject us to exchange risk and additional tax, legal, and regulatory requirements,” the filing stated.
The move comes after a years-long process with regulators to become a publicly-traded company. Reddit first filed a non-public draft with the SEC in December 2021.
The San Francisco-based company expects to begin trading in March.
“We are going public to advance our mission and become a stronger company,” co-founder Steve Huffman said in the filing. “Our users have a deep sense of ownership over the communities they create on Reddit. This sense of ownership often extends to all of Reddit. … We want this sense of ownership to be reflected in real ownership—for our users to be our owners. Becoming a public company makes this possible.”
According to the filing, Reddit had $804 million in sales in 2023, a figure much higher than the previous year.