In a recent filing with the Securities and Exchange Commission (SEC), Reddit, a widely used social media platform, announced it has allocated some of its surplus cash reserves into Bitcoin. 

This disclosure was made as part of their application to become a publicly traded company, with plans to list their Class A common stock on the New York Stock Exchange under the ticker symbol "RDDT."

The filing indicated that the company has allocated a portion of its surplus cash to purchasing Bitcoin and Ether, and has also accepted Ether and Matic as payment for specific virtual goods sales, a practice it might sustain going forward. 

The document further noted that the firm's cryptocurrency investments for treasury purposes are confined to Bitcoin, Ether, and any other digital currencies that regulatory authorities like the SEC, Commodities Futures Trading Commission, or their senior staff members may publicly suggest are unlikely to be considered securities.

Reddit's decision to invest in Bitcoin demonstrates its belief in the asset's long-term prospects, notwithstanding its short-term fluctuations. 

This move aligns Reddit with an expanding group of corporations adding Bitcoin into their financial reserves as a safeguard against the depreciation of traditional currencies.

Reddit has not stated the exact amount of Bitcoin it has acquired.

Share this article
The link has been copied!