In line with Michael Saylor’s MicroStrategy and Elon Musk’s Tesla, Reddit has also announced its plans for cryptocurrency investments, signaling a tactical shift in its financial strategy.
On the 22nd of February, the social media giant filed for its Initial Public Offering (IPO) with the U.S. Securities and Exchange Commission (SEC). As part of the filing, the social media company disclosed that,
“We invested some of our excess cash reserves in Bitcoin and Ether.”
The story so far
According to the filing, Reddit has invested surplus funds into Bitcoin [BTC] and Ethereum [ETH] since 2022. As of 31st December, 2023, Reddit held only Bitcoin and Ether in its treasury.
The filing further showed that the firm has also acquired Ether and Polygon [MATIC] as a form of payment for sales of specific virtual goods and will continue this strategy in the future.
The company did not disclose the amount of crypto it holds, but added that the value of the assets were “immaterial.”
Reddit said,
“The net carrying value of our cryptocurrencies, primarily Bitcoin and Ether, along with all associated cryptocurrency activities, was deemed immaterial for the periods covered.”
The potential outcome
Reddit also expressed its belief in the “significant potential” of blockchain-related technologies, although it remains uncertain about the sustained adoption by both businesses and consumers.
“The popularity and prevalence of cryptocurrencies is a relatively recent trend, and whether cryptocurrencies and blockchain technology will continue to be adopted by consumers and businesses in the long term is uncertain.”
In conclusion, despite the firm’s reported net losses of $90.8 million, the news of its cryptocurrency holdings caused minor price shifts in Bitcoin, ether, and its DONUT token.
Thus, it would be interesting to see how the firms’ experiment with blockchain technology would unfold.
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