- The Reddit platform has filed an application with the SEC for an IPO.
- If approved, the platform's shares will be traded on the NYSE under the ticker symbol RDDT.
- In its papers, Reddit indicated that it owns an “insignificant” amount of crypto assets.
The Reddit platform has filed an application with the US Securities and Exchange Commission (SEC) to conduct a public offering (IPO). The papers indicate that the site invested in some crypto assets.
In particular, Reddit acquired Bitcoin (BTC) and Ethereum (ETH). In addition, the platform indicated that it owns an additional number of Polygon (MATIC) tokens.
They, like part of the Ethereum (ETH) coins, were received “as payment for the sale of virtual assets”. In addition, Reddit indicated in its papers that it does not exclude the possibility of further investments.
The net book value of this portfolio, according to the statement, is “immaterial.”. However, the platform did not disclose the exact amount.
Rumors about Reddit preparing for an IPO appeared in January 2024. As expected, the site plans to enter the stock market in March. Reddit shares will trade on the NYSE under the ticker symbol RDDT.
Note that at the time of writing, the SEC had not commented on the site’s application.
Notably, the Commission classified Polygon (MATIC) as a security in its lawsuit against the Binance exchange. The project developers criticized the decision.