Reddit Discloses Bitcoin and Ether Investments In IPO Filing

As part of its IPO filing with the SEC, Reddit disclosed that it has invested some of its excess cash in bitcoin, ether and Polygon. From a report: Based on the document, the firm now holds BTC and ETH in its balance sheet. Notably, Reddit filing came as part of the IPO registration statement with the SEC. Apart from ETH and BTC, the filing revealed Reddit's investment in Polygon (MATIC). According to the document, the social media platform plans to use both Ether and Polygon as a form of payment for digital goods. Further, Reddit noted that the amount of Polygon and Ethereum from virtual goods is currently immaterial. However, it indicated the possibility of a continuous addition of Bitcoin and Ethereum to its treasury. Also, it plans to keep trying out its passion for virtual goods. Moreover, the document revealed that Reddit made the investments using some of its excess cash reserves. However, the firm didn't disclose details of the crypto investments it made. Reddit's filing document revealed why the popular social media platform dabbled into crypto. According to the firm, it holds Bitcoin and Ethereum to enable its engineering and product teams to use them. Further, it cited the present regulatory stance that suggests these two assets are potentially non-securities under US laws. Also, Reddit disclosed its plans to expand its crypto holding by including other digital assets in its balance sheet. However, it highlighted that such a move will depend on future regulations that exempt crypto as a security.

Read more of this story at Slashdot.