Reddit Is Invested In Bitcoin and Ethereum, SEC Filing Shows
The firm may add other cryptos to its treasury in the future if it regulators determine that they are not securities.
Social media platform Reddit filed an S-1 registration statement with the Securities and Exchange Commission (SEC) on Thursday, in a bid to go public on the New York Stock Exchange (NYSE).
The filing revealed that the company has invested some of its “excess cash reserves” into multiple cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH).
- According to the filing , the company also acquired both ETH and one of the network;s layer 2 tokens, Polygon (MATIC) “as a form of payment for sales of certain virtual goods.”
- “We also acquired and hold digital assets that are cryptocurrencies for use by our product and engineering teams, which is limited to specific uses,” the company stated.
- As of December 31, the firm clarified that it only held BTC and ETH as crypto assets for treasury purposes. It also said that the net carrying value of its BTC and ETH holdings was, at that time, “immaterial.”
- In the future, Reddit does not intend to invest in other cryptos unless they are identified as likely not being securities by federal regulators.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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