Reddit Reveals Bitcoin And Ether Holdings In IPO Filing

Social media giant Reddit has revealed using some of its excess cash to invest in Bitcoin (BTC) and Ether (ETH).

The information was disclosed on Feb. 22 in its prospectus for an initial public offering (IPO) on the New York Stock Exchange.

In addition to holding what it described as ”immaterial” amounts of Bitcoin and Ether at the end of last year, it also revealed that it had at some point also bought Ether and Polygon (MATIC) as a way to pay for virtual goods, and added that it ”many continue to do so in the future.”

Reddit To Join MicroStrategy, Tesla Among Listed Firms Holding Crypto Assets

If the IPO filing is approved, Reddit expects its stock, under the ticker “RDDT,” to start trading in March. It would join a small number of public companies, including Michael Saylor’s  Microstrategy and Elon Musk’s Tesla, that hold cryptocurrencies on their balance sheets.

Reddit posted sales of $804 million 2023 and holds $1.3 billion in cash and $1.6 billion in assets, the filing said.

Reddit’s co-founder, Steve Huffman, said the public listing, which would be the first by a social media company since 2019, sought to advance the company’s mission while making it a stronger company.

It also wants to give its users a sense of ownership. “Being a public company makes this possible,” Huffman said.

Donut (DONUT), an ERC-20 token representing community points for the /r/ethtrader subreddit, is up 42% in the last 24 hours, according to CoinGecko data.

Also Read

  • Bitcoin Price Prediction: As Reddit IPO Filing Reveals BTC And ETH Investments, Experts Say This Bitcoin Cloud Mining Token Might Surge 100X
  • Ethereum Price Prediction: As Coinbase Urges Approval Of Graycale’s Ethereum ETF And Kraken Sees A Potential New ETH Breakout, Experts Say This Solana Meme Coin Is Among The Best Cryptos To Buy Now
  • Top Crypto Gainers Today February 22 – Binance Coin, Akash Network, Casper, AIOZ Network

Comments

Post a Comment

Popular posts from this blog

Iran completes pre-pilot phase of central bank digital currency

The Central Bank of Iran progresses with CBDC development in anticipation of the Bank of Russia’s governor Elvira Nabiullina’s visit. Iran is moving forward with its central bank digital currency (CBDC) plans, completing preliminary research for the launch of a potential digital rial. The Central Bank of Iran (CBI) has successfully completed a pre-pilot phase in the development of Iran’s CBDC, according to an official statement by CBI’s research arm, the Monetary and Banking Research Institute (MBRI). Mohammad Reza Mani Yekta, head of the CBI office for supervising payment systems, announced the news at the ninth annual conference on electronic banking and payment systems on Feb. 20. He noted that Iran’s central bank plans to increase the scope of the CBDC pilot in the country’s payment system, but doesn’t want to rush its implementation. “The pre-pilot phase ended successfully with valuable achievements. The project will soon be launched in other ecosystems and will be used by mo...
Read more

5 Cryptocurrencies Outperforming Others in the Top 100

Image
WLD’s successful rise above the $8 resistance could trigger a jump toward $10. AR might slip below $20 while selling pressure could lead PEPE down to $0.0000013. Increased buying pressure could send FET above $2 while FLR’s momentum had turned bearish. Over the last few weeks, the broader crypto market has experienced major upside with Bitcoin (BTC) hitting $64,000 at one point. However, apart from Bitcoin’s jump, there have been several cryptocurrencies that have been in the spotlight and performed exceptionally. Here are the top five best-performing coins in the top 100. Worldcoin (WLD) Worldcoin’s (WLD) price increased by 217.82% in the last 30 days. At a particular time, the price of the token crossed $9. However, in the last seven days, the upward trajectory had cooled, and at press time, Worldcoin changed hands at $7.72. Based on the 4-hour WLD/USD chart sellers might have gotten exhausted with support appearing at $7.25. However, a build-up bac...
Read more

ChatGPT 4-o predicts Solana price amid ETF forecast for 2025

Image
Solana (SOL), currently the fifth-largest cryptocurrency by market capitalization, has experienced a notable price jump in the past 24 hours.  This rise is fueled by VanEck, a well-known New York investment management firm, filing an S-1 registration statement for its “VanEck Solana Trust,” marking the first attempt to launch a spot Solana exchange-traded funds (ETFs) in the U.S. In addition, Canadian firm 3iQ Corp recently filed a preliminary prospectus to introduce the Solana Fund (QSOL) in Canada. These filings have generated substantial interest and speculation about Solana’s future price trajectory.   Picks for you 3 cryptocurrencies to turn $100 into $1,000 for end of 2024 32 mins ago Here's Bitcoin's ...
Read more