Reddit, the popular social media platform, has invested in Bitcoin (BTC) and Ethereum (ETH) as part of its treasury management strategy.
The company’s initial public offering (IPO) filing with the U.S. Securities and Exchange Commission (SEC) on Feb. 22, also mentioned the acquisition of ETH and Polygon (MATIC) for virtual goods sales.
Reddit’s potential IPO is anticipated to be one of the largest tech IPOs of the year, although the company has not yet disclosed the number of shares to be sold or the price range for the offering.
The S-1 filing unveiled that select Reddit moderators and users could participate in its IPO via a directed share program, diverging from the norm of shares being predominantly bought by large institutional investors.
Reddit’s foray into the cryptocurrency market is part of a larger vision to integrate blockchain technology into its network of forums and discussions.
The social media platform has a history with blockchain technology, though not always successful.
Last year, Reddit announced the shutdown of its community points program associated with its MOON cryptocurrency.