- Reddit has filed for an initial public offering and plans to list on the NYSE under the ticker RDDT, joining other tech firms like Coinbase in going public
- Reddit revealed it has invested in Bitcoin and Ethereum cryptocurrencies, acquired Ethereum and Polygon’s MATIC tokens, and may continue investing in crypto
- Reddit has a history with crypto, having launched community tokens Moons and Bricks using Ethereum’s testnet in 2020, and recently launching NFT avatars on Polygon
Social media platform Reddit has filed for an initial public offering (IPO) and aims to be listed on the New York Stock Exchange. The company revealed it has invested a portion of its reserves in Bitcoin and Ethereum.
Reddit’s Crypto Investments
In its S-1 filing with the Securities and Exchange Commission, Reddit said it invested some excess cash in Bitcoin and Ethereum cryptocurrencies. It did not specify the amounts. Reddit also acquired Ethereum and Polygon’s MATIC tokens as payment for certain virtual goods. The company said it may continue to invest in cryptocurrencies so its product and engineering teams can use them.
Reddit’s History with Crypto
Reddit is no stranger to cryptocurrencies and blockchain technology. In 2020, it launched community points called Moons and Bricks using Ethereum’s testnet. Users could earn these tokens as rewards and spend them for site benefits. However, Reddit discontinued the tokens in November 2022.
Reddit also recently launched NFT avatars on Polygon, selling and giving away collectible Snoo avatars designed by artists. Over 34 million Reddit NFTs have been minted so far.
Going Public
If Reddit completes its IPO, the stock will trade under the symbol RDDT. The company will join other tech firms like Coinbase in being publicly traded in the U.S.
Conclusion
Reddit’s investments signal its continued interest in the crypto and blockchain space despite winding down its community tokens. As a highly popular social platform, Reddit’s moves could further spur mainstream adoption. The IPO also represents a milestone as Reddit aims to be the latest tech unicorn to tap public markets.
