Key Points:
In the filing, Reddit disclosed that it has invested some of its excess cash reserves in Bitcoin and Ether, holding them solely for treasury purposes. The company specified that Reddit crypto investments are limited to Bitcoin, Ether, and other cryptocurrencies that regulatory bodies identify as unlikely to be securities.
Additionally, Reddit revealed that it holds Ether and Polygon‘s native token, MATIC, as a form of payment for sales of certain virtual goods. However, the amounts received from these transactions were deemed immaterial for the years ended December 31, 2022, and 2023.
Regarding Reddit crypto investments, the company stated that the net carrying value, primarily consisting of Bitcoin and Ether, was immaterial for the periods presented. The company also mentioned its experimentation with blockchain technology and its intention to continue using Ether and Polygon as payment methods in the future.
Reddit plans to list on the New York Stock Exchange under the ticker RDDT. The company’s IPO, initially targeted for March, marks a significant event as it would be the first social media platform to go public since Pinterest in April 2019.
Co-founder Steve Huffman expressed Reddit’s mission to become a stronger company through its public offering, aiming for real ownership by its users. According to the filing, Reddit reported $804 million in sales in 2023, with total assets of $1.6 billion, including $1.3 billion in cash.
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