Reddit debuts on NYSE at $47 a share

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

March 21, 2024 03:25 pm

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.

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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.

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.

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