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The prominent social media platform Reddit has included crypto assets like Bitcoin (BTC), Ethereum (ETH), and Polygon (MATIC) in its balance sheet. Reddit extended its holdings to these cryptocurrencies ahead of its initial public offering (IPO).
This is not the first time Reddit has taken notable action in the crypto space. For instance, in 2020, it launched Moons and Bricks, crypto assets on Ethereum’s blockchain testnet.
This current move was disclosed in a filing to the US Securities and Exchange Commission (SEC) on Thursday.
Reddit Invests In Bitcoin, Ethereum, And Polygon
Based on the document, the firm now holds BTC and ETH in its balance sheet. Notably, Reddit filing came as part of the IPO registration statement with the SEC. Apart from ETH and BTC, the filing revealed Reddit’s investment in Polygon (MATIC).
According to the document, the social media platform plans to use both Ether and Polygon as a form of payment for digital goods. Further, Reddit noted that the amount of Polygon and Ethereum from virtual goods is currently immaterial. However, it indicated the possibility of a continuous addition of Bitcoin and Ethereum to its treasury.
Also, it plans to keep trying out its passion for virtual goods. Moreover, the document revealed that Reddit made the investments using some of its excess cash reserves. However, the firm didn’t disclose details of the crypto investments it made.
The filing read:
We invested some of our excess cash reserves in Bitcoin and Ether and also acquired Ether and Matic as a form of payment for sales of certain virtual goods, which we may continue to do in the future.
Reasons Behind Reddit’s Crypto Investment, Especially BTC and ETH
Reddit’s filing document revealed why the popular social media platform dabbled into crypto. According to the firm, it holds Bitcoin and Ethereum to enable its engineering and product teams to use them.
Further, it cited the present regulatory stance that suggests these two assets are potentially non-securities under US laws.
Also, Reddit disclosed its plans to expand its crypto holding by including other digital assets in its balance sheet. However, it highlighted that such a move will depend on future regulations that exempt crypto as a security.
Recall that last November, while closing its blockchain-based Community points rewards, the firm pointed out the prevailing regulatory concerns as a reason.
Unfortunately, the issues of clarity on crypto regulation in the United States lingered. Also, the SEC tightened its regulatory approach and cracked down on crypto firms in the industry, striking fear in many participants. So, Reddit may have chosen to remain cautious by restricting its holding to Bitcoin and Ethereum at the moment.
Meanwhile, if Reddit completes its IPO, it will be one of the companies that offer trading services for Bitcoin and other assets to the public. Its stock will trade under the ticker RDDT on the New York Stock Exchange.
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