The social media network said in the filing that it used some of its extra money to buy ether and Bitcoin. The announcement also highlighted the fact that Reddit had purchased Polygon (MATIC) and ether as payment for the sale of specific virtual products. The social media site went on to say that it might stick with this tactic in the future.

Digital assets and Reddit
 

Reddit stated in the filing that the net carrying value of the digital assets was irrelevant, but it did not reveal the number of tokens it now possesses. After years of working with regulators to become a publicly traded corporation, this move has been made. In December 2021, Reddit submitted a first non-public draft to the SEC. The business anticipates going public in March 2024.

Reddit officials announced that the firm is going public in order to further its goals and fortify itself. Users of the social media site feel a feeling of pride in the communities they build on Reddit. The company wants people to truly feel like they are our owners, reflecting this sense of ownership. This can be accomplished by going public.

The report states that Reddit's revenue in 2023 was USD 804 million, a sum that increased from the year before. The company's assets are USD 1.6 billion, of which USD 1.3 billion are cash.

Following the announcement of the holdings, the values of ether and bitcoin slightly increased before declining.