TechFlow news — Reddit, the U.S. social media platform, has filed an IPO application with the U.S. Securities and Exchange Commission, planning to list on the New York Stock Exchange under the ticker symbol "RDDT," with trading expected to begin in March. Morgan Stanley, Goldman Sachs, JPMorgan Chase, and Bank of America will serve as lead underwriters, while institutions including Citigroup and Deutsche Bank will also participate in the underwriting.
The filing reveals that the company has invested excess cash into Bitcoin, Ethereum, and Polygon (MATIC). Reddit stated it may continue this strategy. Although the exact amounts of tokens held were not disclosed, the document notes that the net book value of its digital assets is "not material."
"We hold cryptocurrencies and experiment with blockchain technology, which may expose us to transaction risks as well as additional tax, legal, and regulatory requirements," the filing stated.
According to the report, Reddit's total revenue reached $804 million in 2023, with total assets amounting to $1.6 billion, of which $1.3 billion was cash.
