Reddit is preparing for its IPO, having recently filed its S-1 with the SEC. The online forum's most recent venture? Stepping into the cryptocurrency world by investing in Bitcoin and Ether, albeit with a modest portion of their financial assets.
The IPO filings suggest that, while Bitcoin and Ether are on company books, they do not make up a significant portion of Reddit's financial picture - the exact numbers are unknown. Nonetheless, this decision marks the company's aggressive entry into the blockchain realm.
Reddit's executives have given their OK for new digital asset investments, as long as they follow the regulations. It's a cautious but progressive entry into the cryptocurrency industry.
But it's not just about money. Reddit's engineering experts are also looking at Bitcoin and Ether for new features, indicating that cryptocurrency could play an important role in how Reddit designs its future.
As Reddit prepares to enter the NYSE under the "RDDT" ticker, this foray into cryptocurrency reflects a larger trend: businesses are willing to bet on digital currencies and the technology that powers them.
