Reddit a invested part of its excess cash reserves in Bitcoin and Ethereumaccording to itsIPO. The company also holds Polygon for the sale of virtual goods.
Community website Reddit said it had invested some of its excess cash reserves in Bitcoin (BTC) and Ethereum (ETH) in its IPO filing with the SEC on Thursday.
We hold crypto-currencies and are experimenting with blockchain technology, which may expose us to currency risks and additional tax, legal and regulatory requirements,” the company said.
Reddit, which has been preparing for its IPO on the New York Stock Exchange for over 3 years now, also revealed that it had acquired Polygon (MATIC) as a “means of payment” for the sale of certain virtual goods. The platform, which has launched several NFT collections, also holds other unnamed digital assets for use by its engineering team.
With its investment in crypto, Reddit joins the ranks of major American companies betting on Bitcoin and consorts such as Tesla, Block and MicroStrategy.
The amount of BTC and ETH held by the social network was not disclosed, however. According to the document, the net book value of its tokens was “negligible” over the given periods.
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