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Social media platform Reddit filed an S-1 registration statement with the Securities and Exchange Commission on Thursday, in a bid to go public on the New York Stock Exchange .
The filing revealed that the company has invested some of its “excess cash reserves” into multiple cryptocurrencies, including Bitcoin and Ethereum ., the company also acquired both ETH and one of the network;s layer 2 tokens, Polygon “as a form of payment for sales of certain virtual goods.” “We also acquired and hold digital assets that are cryptocurrencies for use by our product and engineering teams, which is limited to specific uses,” the company stated.
As of December 31, the firm clarified that it only held BTC and ETH as crypto assets for treasury purposes. It also said that the net carrying value of its BTC and ETH holdings was, at that time, “immaterial.”does not intend to invest in other cryptos unless they are identified as likely not being securities by federal regulators.What is Farcaster? Everything You Need to KnowOne Weekly Email Can Change Your Crypto Life.Disclaimer: Information found on CryptoPotato is those of writers quoted.
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