Social media giant announced Bitcoin and altcoin investments: “We will buy more”

Reddit was also added to the companies that consider cryptocurrencies as an investment tool on their balance sheet. The company, which applied for public offering on the New York Stock Exchange, stated that it invested in BTC, ETH and MATIC in the documents submitted to the SEC, the CMB of the USA. It was stated that the investments in question were made with the company’s cash surplus and will continue to be made in the future. However, investment amounts were not shared.

Thus, Reddit joined the companies that include Bitcoin in their balance sheet, such as MicroStrategy, Tesla and Block. After Reddit’s investment announcement, Bitcoin rose to 52 thousand dollars and Ether exceeded 3 thousand dollars. The statement had the biggest impact on MATIC. MATIC rose more than 10 percent to $1.06.

Filed for first major IPO of the year

Reddit, which submitted its IPO prospectus, will be traded on the New York Stock Exchange under the ticker symbol RDDT. It is estimated that the company’s expected public offering will be held in March. Reddit’s IPO will be the first major IPO of the year in tech.

According to the shared information, Reddit generated $804 million in revenue in 2023, and its revenues increased by 20 percent compared to the previous year. Reddit, which reported that it has been in net loss since its establishment, announced a net loss of $ 90.8 million for 2023, which ended on December 31. This figure was 158.6 million dollars the previous year.