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Reddit said it acquired major cap cryptocurrencies, including Bitcoin, for varying reasons and has received digital asset payments for limited services since at least 2022.
Social network Reddit holds Bitcoin (BTC), Ethereum (ETH), and Polygon (MATIC) according to its initial public offering (IPO) filing with the U.S. SEC on Feb. 22. The company said it experiments with blockchain technology and crypto tokens, complying with disclosure requirements as it plans to go public under the ticker RDDT.
We invested some of our excess cash reserves in Bitcoin and Ether and also acquired Ether and Matic as a form of payment for sales of certain virtual goods, which we may continue to do in the future. Ether and Matic received from the sales of virtual goods was not material for the years ended December 31, 2022 and 2023.
IPO SEC filing
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 forthcoming IPO slated for March. Reddit plans to offer 10% of its shares after being valued at $10 billion in 2021.
Our users have a deep sense of ownership over the communities they create on 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.
Steve Huffman, Reddit co-founder
The social network is a hub for blockchain discourse and crypto alpha, with over 850 million monthly active users recorded last year. A CoinWire report said 80% of Reddit’s crypto conversations in 2023 were positive.
However, the platform has not been without crypto controversy as the site’s administrators received backlash over a decision to sunset its blockchain-powered community points program.