Reddit Makes Minor Investments in Bitcoin and Ethereum

According to new filings, Reddit has started investing in Bitcoin and Ether using its excess cash reserves since 2022, as the social media giant sees potential in crypto and blockchain.

In its initial public offering filing with the United States Securities and Exchange Commission on Feb. 22, Reddit revealed that it has been diversifying its excess cash reserves by investing in Bitcoin and Ether, two of the most popular cryptocurrencies in the market.

However, the firm noted that the amount invested was small and the net carrying value of its cryptocurrencies, primarily consisting of Bitcoin and Ether, was insignificant as of Dec. 31, 2023.

Additionally, Reddit mentioned that it has been exploring the use of blockchain technology by experimenting with buying Ether and Polygon’s MATIC as a form of payment for certain virtual goods.