Reddit files for IPO and invests some of its cash in Bitcoin and Ethereum

American social media platform Reddit filed for an IPO on the New York Stock Exchange and said it would invest part of its excess cash reserves in Bitcoin and Ethereum and may continue to make such investments in the future. Reddit also owns Ethereum and Matic as payment methods for selling certain virtual goods and may continue to do so in the future, SEC filings show. The amounts of Ethereum and Matic earned from the sale of virtual goods during the years ended December 31, 2022 and 2023 were modest. It is reported that Tencent holds 6.4% of the company’s Class A shares, and OpenAI founder Sam Altman holds 4.5% of the Class A shares.