Social media giant Reddit has been quietly buying Bitcoin and Ethereum with some of its excess cash and holds an undisclosed amount of the two tokens in its treasury for investment purposes.
The social media giant’s crypto exposure details were revealed in its initial public offering (IPO) prospectus, which was filed with the SEC on Feb. 22. The filing comes after months of speculation about the company’s plans to go public.
The company did not disclose how many shares it plans to sell or the price range for the offering. However, it is expected to be one of the largest tech IPOs of the year.
Crypto exposure
The filing clarifies that Reddit’s crypto holdings are confined to Bitcoin and Ethereum, both established players in the crypto space. The revelation was somewhat of a surprise, considering the company’s cautious approach toward crypto in recent years.
According to the document, Reddit’s board of directors has approved the investment policy, which focuses on “risk mitig
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