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    Vikshita Vitthal Gujaran in Reddit

    23 Feb 11:10 AM


    Reddit converts excess cash into Bitcoin and Ethereum

    The social news network also revealed it has been experimenting with Ether and MATIC 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 and Ether 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.
    Reddit said Bitcoin and Ether were the only cryptocurrencies held in the firm’s treasury as of Dec. 31, 2023, but also said the amounts are “immaterial.”

    “The net carrying value of our cryptocurrencies, which consisted primarily of Bitcoin and Ether, as well as all related cryptocurrency activity, was immaterial for the periods presented.”
    Reddit added that it has been “experiment[ing] with blockchain technology” by buying Ether and Polygon’s MATIC as a form of payment for the sales of certain virtual goods.

    The firm said the Ether and MATIC it received were also “not material” across 2022 and 2023 but that it may continue to use the two cryptocurrencies as a payment method in the future.

    Source - CoiN Telegraph