Summary
TLDR: Reddit filed for an IPO, disclosed investments in Bitcoin and Ether for treasury purposes, also holds MATIC for virtual goods sales. Company’s cryptocurrency activity was deemed immaterial. Plans to list on NYSE under ticker RDDT. Ended Ethereum-based Community Points program due to scalability issues and regulatory uncertainty.
Key Points
1. Reddit publicly filed its S-1 registration statement with the Securities and Exchange Commission on Thursday.
2. In the S-1, Reddit disclosed that the company “invested some of our excess cash reserves in Bitcoin and Ether.”
3. Reddit would list on the New York Stock Exchange under the ticker RDDT.