Reddit, the favored social media platform with over 70 million customers, has disclosed that it holds a few of its extra money reserves in Bitcoin and Ether.
The investments have been found in a Type S-1 filed with the Securities and Change Fee on Feb. 22. The S-1 submitting marks step one in the direction of Reddit’s extremely anticipated preliminary public providing (IPO).
The submitting additionally mentions that the corporate “acquired Ether and Matic as a type of fee for gross sales of sure digital items, which we could proceed to do sooner or later.”
Whereas the corporate hasn’t disclosed the worth of the crypto it holds, notes to the monetary statements point out the quantity is “immaterial.”
Ether briefly spiked to $3,035 on the information – its highest stage this yr.
Reddit is not any stranger to crypto, having experimented with group tokens and a number of NFT collections over the previous two years.
