In an effort to go public, social media site Reddit has added Bitcoin (BTC) and Ethereum (ETH) to its balance sheet, according to a filing it made with the Securities and Exchange Commission on Thursday.
The well-known message board platform disclosed in an IPO filing that it had placed some surplus cash reserves into the top two cryptocurrencycurrencies, although it withheld the precise amount.
Moreover, Reddit claimed to have purchased Polygon (MATIC) in order to pay for virtual items. Polygon is a scaling network for Ethereum.
“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,” the document stated.
The “net carrying value” of the cryptocurrencycurrencies Reddit owned was deemed “immaterial for the periods presented.” It further stated that it keeps cryptocurrencycurrency on hand for usage by its technical and product teams.
According to the petition, if Reddit decides to go public, its shares will trade on the New York Stock Exchange under the ticker RDDT.
Reddit has a long history in the digital asset market: The website introduced Moons and Bricks, which are testnet tokens for Ethereum’s blockchain, back in 2020. Contributors to particular areas (or subreddits) of the website were rewarded with Bricks or Moons, which they could use to obtain special features. However, Reddit abandoned the concept in November.
Additionally, the business has started a large-scale NFT avatars campaign on Polygon, offering and selling personalized “Snoo” mascots created by artists and in collaboration with organizations such as the NFL. Based on publicly available blockchain data gathered by Dune, more than 34 million Reddit NFT avatars have been created to date.
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