Reddit, the popular social media platform with over 70 million users, has disclosed that it holds some of its excess cash reserves in Bitcoin and Ether.
The investments were discovered in a Form S-1 filed with the Securities and Exchange Commission on Feb. 22. The S-1 filing marks the first step towards Reddit’s highly anticipated initial public offering (IPO).
The filing also mentions that the company “acquired Ether and Matic as a form of payment for sales of certain virtual goods, which we may continue to do in the future.”
While the company hasn’t disclosed the value of the crypto it holds, notes to the financial statements indicate the amount is “immaterial.”
Ether briefly spiked to $3,035 on the news – its highest level this year.
Reddit is no stranger to crypto, having experimented with community tokens and multiple NFT collections over the past two years.
