Reddit

Steve

<ul>
 <li>The social networking platform applied to the SEC to list on the NYSE with ‘RDDT’ symbol.</li>
 <li>Although the company did not reveal its exact token holdings in the filing.</li>
</ul>
Along with corporations like Elon Musk’s Tesla and Michael Saylor’s MicroStrategy, Reddit is one of the few that has directly bought digital assets, having put some of its surplus income in <a href="https://thenewscrypto.com/a-new-era-for-defi-in-bitcoin-the-rise-of-the-brc20-ecosystem-and-btcfi/" target="_blank" rel="noopener noreferrer nofollow">bitcoin</a> (BTC) and ether (ETH).
The social networking platform applied to the U.S <a href="https://thenewscrypto.com/coinbase-presses-sec-for-grayscales-ethereum-etf-approval/" target="_blank" rel="noopener noreferrer nofollow">SEC</a> to list on the New York Stock Exchange with the symbol “RDDT” in an initial public offering.
Co-founder and CEO <a href="https://www.crunchbase.com/person/steve-huffman" rel="noopener noreferrer nofollow">Steve Huffman</a> said in the filing:
<blockquote class="wp-block-quote">
 “We are going public to advance our mission and become a stronger company. Our users have a deep sense of ownership over the communities they create on Reddit. This sense of ownership often extends to all of Reddit. … We want this sense of ownership to be reflected in real ownership—for our users to be our owners. Becoming a public company makes this possible.”
</blockquote>
<h3 class="wp-block-heading" id="h-net-carrying-value-immaterial">Net Carrying Value- Immaterial</h3>
The social networking platform revealed in its filing that it put some of its spare funds into bitcoin and ether. It also said that it has purchased ether and Polygon (MATIC) “as a form of payment for sales of certain virtual goods.” <a href="http://reddit.com" target="_blank" rel="noopener noreferrer nofollow">Reddit</a> has hinted that it could keep this approach going in the future.
Although the company did not reveal its exact token holdings in the filing, it did state that the digital assets’ net carrying value was “immaterial.”
The firm mentioned in the filing:
<blockquote class="wp-block-quote">
 “We hold cryptocurrencies and experiment with blockchain technology, which may subject us to exchange risk and additional tax, legal, and regulatory requirements.”
</blockquote>
The process of becoming a publicly listed firm has been going on for years with authorities. In December 2021, Reddit submitted its first non-public draft to the SEC. In March, the San Francisco-based firm plans to start trading.
Highlighted Crypto News Today:
<a href="https://thenewscrypto.com/ronin-network-shaken-by-9m-eth-theft-from-founders-wallet-details/" target="_blank" rel="noopener noreferrer nofollow">Ronin Network Shaken by $9M ETH Theft From Founder’s Wallet: Details</a>

Reddit Files for IPO, Reveals Crypto Holdings in Bitcoin and Ether

Table of Contents

TheNewsCrypto

Other articles published on Feb 23, 2024

OXFUN Secures $4 Million Investment to Strengthen Its Decentralized Trading Platform

Bitcoin Analysts Eye Key Price Patterns for Future Growth

Bonk (BONK) Price Prediction 2024, 2025, 2026-2030

Understanding Governance Tokens: What They Are and How They Work

Serenity Shield Q1 Updates

Bitcoin’s ‘fair value’ – Why does the ECB have a problem with it?

Join our free newsletter for daily crypto updates!