Reddit Holds Bitcoin and Ethereum in Treasury, SEC Filing Reveals
Social media giant Reddit has disclosed in a filing with the U.S. Securities and Exchange Commission (SEC) that it holds Bitcoin (BTC) and Ethereum (ETH) in its treasury. The company submitted the filing as part of its planned initial public offering (IPO).
Bitcoin and Ethereum Investments for Treasury Purposes
In the document submitted to the SEC, Reddit reveals that it has invested a portion of its cash reserves in Bitcoin and Ethereum for โtreasury purposes.โ Additionally, the company has acquired ETH and MATIC, the native asset of Polygon, as a form of payment for certain virtual goods sales. It has also purchased other cryptocurrencies for specific uses within its product and engineering teams.
Approval from Board of Directors
Reddit acknowledges the volatility of cryptocurrency prices and states that any investments in digital assets require approval from its board of directors. The company also specifies that its treasury investments will be limited to cryptocurrencies like BTC, ETH, and others that regulators do not classify as securities.
Uncertainty in the Crypto Market
The social media giant acknowledges the unpredictable nature of the digital asset sector. While Reddit believes in the significant potential of cryptocurrencies and blockchain technology, it recognizes that their long-term adoption by consumers and businesses remains uncertain.
Reddit Aims for IPO Launch in March
Reddit plans to list its Class A common stock on the New York Stock Exchange (NYSE) under the ticker symbol โRDDT.โ According to sources familiar with the matter, the company is targeting an IPO launch in March.
๐ Redditโs Crypto Holdings Revealed in SEC Filing
Social media platform Reddit has disclosed in its filing with the U.S. Securities and Exchange Commission (SEC) that it holds Bitcoin (BTC) and Ethereum (ETH) in its treasury. This move highlights the increasing adoption of cryptocurrencies by major companies.
๐ฐ Bitcoin and Ethereum Investments for Treasury Purposes
Reddit has invested some of its cash reserves in Bitcoin and Ethereum for โtreasury purposes,โ according to the filing. The company has also acquired ETH and MATIC, the native asset of Polygon, as a form of payment for certain virtual goods sales. Additionally, it has purchased other cryptocurrencies for specific uses within its product and engineering teams.
โ Approval from Board of Directors
Reddit emphasizes that any investments in digital assets require approval from its board of directors. The companyโs treasury investments will be limited to cryptocurrencies like BTC, ETH, and others that regulators do not classify as securities.
๐ Uncertainty in the Crypto Market
Reddit acknowledges the volatility and uncertain nature of the digital asset sector. While it recognizes the significant potential of cryptocurrencies and blockchain technology, the company is cautious about their long-term adoption by consumers and businesses.
๐ Redditโs IPO Plans
Reddit aims to go public with an initial public offering (IPO) and list its Class A common stock on the New York Stock Exchange (NYSE) under the ticker symbol โRDDT.โ According to sources familiar with the matter, the company is targeting a March launch for its IPO.
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