Reddit, the favored social media platform, has invested in Bitcoin (BTC) and Ethereum (ETH) as a part of its treasury administration technique.
The corporate’s preliminary public providing (IPO) filing with the U.S. Securities and Trade Fee (SEC) on Feb. 22, additionally talked about the acquisition of ETH and Polygon (MATIC) for digital items gross sales.
Reddit’s potential IPO is anticipated to be one of many largest tech IPOs of the 12 months, though the corporate has not but disclosed the variety of shares to be bought or the value vary for the providing.
The S-1 submitting unveiled that choose Reddit moderators and customers might take part in its IPO by way of a directed share program, diverging from the norm of shares being predominantly purchased by massive institutional traders.
Reddit’s foray into the cryptocurrency market is an element of a bigger imaginative and prescient to combine blockchain know-how into its community of boards and discussions.
The social media platform has a historical past with blockchain know-how, although not at all times profitable.
Final 12 months, Reddit introduced the shutdown of its neighborhood factors program related to its MOON cryptocurrency.
