Reddit debuts on NYSE at $47 a share

Reddit priced at $34 a share on Wednesday night with a valuation of $6.5 billion


Marcelo Mollaretti/Shutterstock modified by Blockworks


Reddit made its public debut Thursday.

The social media company began trading at $47, after it priced at $34 as announced Wednesday night. Shares quickly jumped over $57 before settling around $50 at time of publication. 

The pricing puts the valuation of the company at around $6.5 billion. The stock trades under the ticker RDDT.

The company has a storied history with cryptocurrencies including its iconic subreddits from r/Cryptocurrency to r/Bitcoin, which are both ranked within the top 100 subreddits. 

There is also, of course, r/WallStreetBets, though the focus isn’t primarily crypto. 

Read more: If we want crypto to succeed, we’ve got to give X the boot

Earlier this year, in a publicly filed S-1, Reddit disclosed that — outside of some crypto initiatives — it held bitcoin and ether “for treasury purposes,” and also held an undisclosed amount of MATIC, Polygon’s native token. 

Both ether (ETH) and bitcoin (BTC) carved out slight gains on Thursday, with ETH hovering around $3,400 and bitcoin around $65,000.

r/CryptoCurrency’s native token, MOON, was up around 7% in the last 24 hours, according to data from CoinGecko, by the time Reddit opened for trading. The token is trading at around $0.44. Moons are ERC-20 tokens, which are community points used to reward contributions to the subreddit — like commenting. 

Just last month, Celer announced that it would support Moons, which would allow Moons to be bridged to Arbitrum One. 

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

Last October, Reddit announced that it was sunsetting the Community Points beta program. The company said that the uncertain regulatory landscape, tied with the “scalability limitations,” led to the social media giant’s decision.

“Though we saw some future opportunities for Community Points, there was no path to scale it broadly across the platform,” Reddit user u/cozy__sheets, who is part of the Community team, wrote at the time.

In other crypto forays, Reddit, last July, announced that it was dropping another collection of its Collectible Avatars. The NFTs are Polygon-based and made Reddit one of the biggest companies to be tied to the NFT space

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

Research Report Templates.png


ZKPs enable efficient offchain transaction processing and validation, resulting in increased throughput and reduced fees. Solana's ZK Compression leverages ZKPs to minimize onchain storage costs, while Sui's zkLogin streamlines user onboarding by replacing complex key management with familiar OAuth credentials.


The crypto asset manager lowered its planned fee from 0.25% to 0.15%, undercutting its competitors


Plus, a look at planned ETH ETF fees and how they differ from their BTC counterparts


North Korea suspected in breach of Indian exchange’s multisig wallet


Plus, Sanctum’s CLOUD token has officially launched — but not without problems


It’s not yet clear whether Donald Trump is pumping bitcoin. But an unofficial memecoin is still seeing benefit.