Reddit Revealed Investments in Crypto Assets in an IPO Application

The Reddit platform has filed an application with the U.S. Securities and Exchange Commission (SEC) for a public offering (IPO). The papers indicate that the platform has invested in some crypto assets.

In particular, Reddit has acquired bitcoins (BTC) and Ethereum (ETH). In addition, the platform indicated that it additionally owns a certain number of Polygon (MATIC) tokens.

They, like some of the Ethereum (ETH) coins, were received "as payment for the sale of virtual assets." In addition, Reddit indicated in the papers that it does not exclude the possibility of further investments.

The net book value of this portfolio, according to the statement, is "insignificant." However, the platform did not disclose the exact amount.

Rumors about Reddit's preparation for an IPO appeared in January 2024. As expected, the platform plans to enter the stock market in March. Reddit shares will be traded on the NYSE under the ticker RDDT.

Note that at the time of writing, the SEC has not commented on the site's application.

Source: https://incrypted.com/reddit-raskryla-ynvestytsyy-v-kryptoaktyvy-v-zajavke-na-provedenye-ipo/