Reddit Discloses Bitcoin and Ether Investments In IPO Filing

As part of its IPO filing with the SEC, Reddit disclosed that it has invested some of its excess cash in bitcoin, ether and Polygon. From a report: 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.

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.

Inaccurate

[JeffSh]

in the reddit S1 they state unequivocally that their holdings are so small that they aren't worth enumerating.

https://www.sec.gov/Archives/e... [sec.gov]

Page F-21
Cryptocurrency
The net carrying value of our cryptocurrencies, which consisted primarily of Bitcoin and Ether, as well as all related cryptocurrency activity, was immaterial for the periods presented.

tho this sure does grab headlines, its exposed a tremendous amount of lazy writing and reporting.

Re:Inaccurate

[quonset]

tho this sure does grab headlines, its exposed a tremendous amount of lazy writing and reporting.

It's not inaccurate. They disclosed investments in Bitcoin and Ether. They literally, in the truest sense of the word, state in their filing.

Are you done whining that the headline is completely and totally accurate? Or are you one of those who thinks reporting facts is "fake" news?

Re:

[VanGarrett]

When you read the headline, did you infer that their Cryptocurrency investments were substantial, or trivial?

Re: Inaccurate

[mmdurrant]

Neither. I get the impression they exist.

Re:

[JeffSh]

facts can be twisted into mistruths. the reporting surrounding reddit's acknowledgement of engagement with crypto followed quickly by them saying that its trivial in their own S1 is a huge example of one of the bigger and more obvious "factual fake stories" we've seen.

Not a bad idea

[CEC-P]

I bet it's a tiny amount BUT if they want to make their balance sheets look really tidy with a bunch of liquid cash, this week isn't a terribly time to sell off. Just saying. It's going to keep spiking on and off until the next presidential election like it always does but I think it's a little too bubbly this week.