Ethereum

Reddit

Radar

Bitcoin

<h4><strong>Social networking site Reddit has strengthened its treasury since 2022 by converting its excess cash to Bitcoin and Ethereum. </strong></h4> 
<p>The social media platform explained that this move was fueled by its belief in the future and cryptocurrencies.</p> 
<h5><strong>Reddit Converts Cash to Crypto, Betting on Future</strong></h5> 
<p><span style="font-weight: 400;">Reddit noted in a recent Initial Public Offering filing with the SEC that it only holds Bitcoin and Ethereum in its treasuries, adding that the amounts held were immaterial. However, the platform clarified that some of its product and engineering teams hold certain cryptocurrencies.&nbsp;</span></p> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr">BREAKING: Reddit bought <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> for its treasury. <a href="https://t.co/INgRpZplpX">pic.twitter.com/INgRpZplpX</a></p> 
 <p>— Radar<img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@RadarHits) <a href="https://twitter.com/RadarHits/status/1760768755729113128?ref_src=twsrc%5Etfw">February 22, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p><span style="font-weight: 400;">It wrote in the <a href="https://www.sec.gov/Archives/edgar/data/1713445/000162828024006294/reddits-1q423.htm" target="_blank" rel="noopener">filing</a>: “The net carrying value of our cryptocurrencies, which consisted primarily of Bitcoin and Ether, as well as all related cryptocurrency activity, was immaterial for the periods presented.”</span></p> 
<p><span style="font-weight: 400;">Reddit’s inclusion of Ethereum in its treasury is somewhat significant. It joins a few groups of companies that have both Bitcoin and Ethereum in their corporate treasury. Most companies prefer to adopt MicroStrategy’s bitcoin-only policy for their treasury.&nbsp;</span></p> 
<h5><strong>Other Reddit’s Crypto Plans</strong></h5> 
<p><span style="font-weight: 400;">In addition to holding Bitcoin and Ethereum in its treasury, Reddit has also been buying Ether and MATIC as payment for certain digital items. The social platform further expressed its interest in continuing its interest in both cryptocurrencies in the future.&nbsp;</span></p> 
<p><span style="font-weight: 400;">Reddit is one of the early Web2 platforms that embraced crypto and began <a href="https://www.altcoinbuzz.io/bitcoin-and-crypto-guide/this-could-change-crypto-games-forever-big-gains/" target="_blank" rel="noopener">experimenting</a> with NFTs, crypto tokens, and other blockchain tools.</span></p> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr">BREAKING: Reddit invested excess cash reserves into <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> — SEC filing <a href="https://t.co/13IWr3QFvH">pic.twitter.com/13IWr3QFvH</a></p> 
 <p>— Bitcoin Magazine (@BitcoinMagazine) <a href="https://twitter.com/BitcoinMagazine/status/1760765322892623982?ref_src=twsrc%5Etfw">February 22, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p><span style="font-weight: 400;">Speaking on its view of cryptocurrencies, Reddit wrote, “While we believe cryptocurrencies and blockchain technology have significant potential, the popularity and prevalence of cryptocurrencies is a relatively recent trend, and whether cryptocurrencies and blockchain technology will continue to be adopted by consumers and businesses in the long term is uncertain.”</span></p> 
<p><span style="font-weight: 400;">Reddit previously embraced blockchain for some aspects of its community operations. The social networking site closed down “Community Points,” a blockchain-based rewards program, in October. The program gave users points for participating positively in specific subreddits. The company cited scalability issues as the cause of the shutdown.</span></p> 
<p><a href="https://www.patreon.com/altcoinbuzz" target="_blank" rel="noopener"><img decoding="async" class="aligncenter wp-image-124240" src="https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1-300x37.jpg" sizes="(max-width: 714px) 100vw, 714px" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1-300x37.jpg 300w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1-1024x127.jpg 1024w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1-768x95.jpg 768w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1-696x86.jpg 696w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1-1068x132.jpg 1068w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1.jpg 1197w" alt="Coins" width="714" height="88"></a></p> 
<p><iframe title="This Could Change Crypto Games FOREVER | BIG GAINS" width="696" height="392" src="https://www.youtube.com/embed/xGELa7dYXOo?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe></p> 
<h5><strong>Disclaimer</strong><br> The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence.</h5> 
<p>Copyright Altcoin Buzz Pte Ltd.</p> 
<p>The post <a href="https://www.altcoinbuzz.io/cryptocurrency-news/reddit-adds-bitcoin-and-ethereum-to-its-treasury/">Reddit Adds Bitcoin and Ethereum to its Treasury</a> appeared first on <a href="https://www.altcoinbuzz.io">Altcoin Buzz</a>.</p>

Reddit Adds Bitcoin and Ethereum to its Treasury

Altcoin Buzz

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