Reddit has invested in Bitcoin and Ethereum, SEC filings show

Social media platform Reddit filed an S-1 registration statement with the Securities and Exchange Commission (SEC) on Thursday to go public on the New York Stock Exchange (NYSE).

The filing said the company invested some of its “excess cash reserves” into several cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH).

According to the filing, the company received both ETH and one of the network's layer 2 tokens Polygon (MATIC) “as payment for the sale of certain virtual goods.” “We also acquire and hold digital assets in the form of cryptocurrencies for use by our product and engineering teams, only for certain uses,” the company said. As of December 31, the firm clarified that it only holds BTC and ETH as crypto assets for treasury purposes. He also said that the net carrying value of BTC and ETH holdings was “insignificant” at the time. Going forward, Reddit doesn't intend to invest in other cryptos until they are declared unsecured by federal regulators.