Summary
Reddit has added Bitcoin and Ethereum to its balance sheet as it prepares to go public, according to a filing with the SEC. They also purchased Polygon to pay for virtual goods. The net value of their held cryptocurrencies is currently considered insignificant. If Reddit goes public, its stock will trade under the ticker RDDT on the NYSE. Reddit has a history of involvement in the digital asset space, including launching tokens on Ethereum’s blockchain and an NFT avatars initiative on Polygon.
Key Points
1. Reddit has added Bitcoin (BTC) and Ethereum (ETH) to its balance sheet as it prepares for an initial public offering (IPO).
2. The company also invested in Polygon (MATIC) to pay for virtual goods on its platform, which is an Ethereum scaling network.
3. Reddit has launched an NFT avatars initiative on Polygon, selling customized versions of its mascot and partnering with brands like the NFL.