Reddit wants to go public - with Bitcoin and Ethereum in baggage

After a long wait, things are now getting serious with Reddit: the social media platform wants to go public. The corresponding application for an "Initial Public Offering" is filed with the SEC. In it, it is revealed that the platform "has invested some of its excess cash reserves in Bitcoin and Ether". According to Reddit, however, the amounts are "immaterial."

The company also stated that it has been "experimenting with blockchain technology." "While we believe cryptocurrencies and blockchain technology have significant potential, the popularity and adoption of cryptocurrencies is a relatively new trend and it is uncertain whether cryptocurrencies and blockchain technology will be adopted by consumers and businesses in the long term."

Reddit writes off a net loss of $90.8 million for 2023. Revenue rose 20 percent year over year to $804 million.