Reddit says it invested ‘excess cash reserves’ in bitcoin, ether

The filing also said that Reddit held ether and MATIC “as a form of payment for sales of certain virtual goods”


BigTunaOnline/Shutterstock modified by Blockworks


Reddit publicly filed its S-1 registration statement with the Securities and Exchange Commission on Thursday.

An S-1 is a necessary document for any company plotting an initial public offering (IPO).

In the S-1, Reddit disclosed that the company “invested some of our excess cash reserves in Bitcoin and Ether.” 

The social media company only holds bitcoin and ether “for treasury purposes.” 

“Our investments in cryptocurrencies for treasury purposes are limited to Bitcoin, Ether, and any other cryptocurrency that the SEC, Commodities Futures Trading Commission, or high-ranking members of the staff of such regulatory bodies may, through public statements or guidance, identify as likely not being a security,” the company said.

Read more: Reddit to end Ethereum-based Community Points

The filing added that the company also held ether and MATIC, Polygon’s native token, “as a form of payment for sales of certain virtual goods.” The company disclosed that the MATIC and ether received “was not material for the years ended December 31, 2022 and 2023.”

In a separate section of the filing, the company said the “net carrying value of our cryptocurrencies, which consisted primarily of Bitcoin and Ether, as well as all related cryptocurrency activity, was immaterial for the periods presented.” 

“We also acquired and hold digital assets that are cryptocurrencies for use by our product and engineering teams, which is limited to specific uses,” the filing continued.

Per the S-1, Reddit would list on the New York Stock Exchange under the ticker RDDT.

Reddit, which initially filed for an IPO back in the winter of 2021, previously eyed a March debut on the stock market, according to a report from Reuters last month. It would be the first social media platform to go public since Pinterest in April 2019. 

In October of last year, Reddit ended its Community Points beta program, which was Ethereum-based. At the time, the social media company cited “scalability limitations” as well as an uncertain regulatory landscape as factors.

Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the On the Margin newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.


Upcoming Events

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2024

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research



Aerodrome is a "MetaDEX" that combines elements of various DEX primitives such as Uniswap V2 and V3, Curve, Convex, and Votium. Since its launch on Base, it has become the largest protocol by TVL with more than $495B in value locked, doubling Uniswap's Base deployment.


If we tokenize all assets in a speculative rush, the risk of creating illiquid markets and trapped value will manifest on a large scale


Plus, Trump is headed to the heart of Bitcoinlandia with a speaking appearance at the Bitcoin 2024 conference


Meanwhile, stocks rally after Jerome Powell finishes his Capitol Hill tour


Plus, Blinks have reshaped many people’s understanding of what blockchains are capable of


Franklin Templeton has the lowest intended ETH fund fee so far, though a similar advantage did not help it win the race for bitcoin ETF assets


It’s now time for the entire Bitcoin community to recognize that Satoshi’s design transcends the confines of a single chain