The social news network also revealed it has been experimenting with Ether and Polygon as a form of payment for sales of virtual goods.
Social media giant Reddit has been using its excess cash to add small amounts of Bitcoin (BTC) and Ether (ETH) to its treasury since 2022 and believes crypto and blockchain have “significant potential,” new filings reveal.
“We invested some of our excess cash reserves in Bitcoin and Ether,” Reddit stated in a Feb. 22 initial public offering filing with the United States Securities and Exchange Commission.
The S-1 registration — used by companies planning on going public — revealed that Reddit recorded $90.8 million in net losses in 2023, though its revenue increased 20.6% to $804 million year-on-year.
