Reddit Goes Public, Holds Bitcoin and Ether for Treasury Purposes

According to Blockworks, Reddit made its public debut on Thursday, with shares trading at $47 after being priced at $34 on Wednesday night. The company's valuation is around $6.5 billion, and its stock trades under the ticker RDDT. Reddit has a significant history with cryptocurrencies, including its popular subreddits r/Cryptocurrency and r/Bitcoin, both ranked within the top 100 subreddits. In a publicly filed S-1 earlier this year, Reddit disclosed that it held bitcoin and ether for treasury purposes, as well as an undisclosed amount of MATIC, Polygon's native token. On Thursday, ether (ETH) and bitcoin (BTC) experienced slight gains, with ETH hovering around $3,400 and bitcoin around $65,000. r/CryptoCurrency's native token, MOON, was up around 7% in the last 24 hours, trading at approximately $0.44. Moons are ERC-20 tokens used to reward contributions to the subreddit, such as commenting. In October, Reddit announced the end of its Community Points beta program, citing an uncertain regulatory landscape and scalability limitations. Despite potential opportunities for Community Points, there was no path to scale it broadly across the platform, according to a Reddit user who is part of the Community team. In July, Reddit released another collection of its Collectible Avatars, Polygon-based NFTs, making it one of the largest companies tied to the NFT space.