Reddit, the popular social media platform with over 70 million users, has revealed that it is holding a portion of its excess cash reserves in Bitcoin and Ether.
The investments were discovered in a Form S-1 filed with the Securities and Exchange Commission on February 22. The S-1 filing marks the first step toward Reddit's highly anticipated initial public offering (IPO).
The filing also mentions that the company “has acquired Ether and Matic as payment for the sale of certain virtual goods, which we may continue to do in the future.”
Although the company has not disclosed the value of the cryptocurrencies it holds, notes to the financial statements suggest the amount is “immaterial.”
Ether briefly rose to $3,035 on the news – its highest level this year.
ETH price
Reddit is no stranger to crypto, having experimented with community tokens and several NFT collections over the past two years.
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