Reddit, the popular social media platform, is making waves in the cryptocurrency world with its all-in crypto strategy. Since 2022, the company has been gradually accumulating Bitcoin (BTC) and Ether (ETH), believing strongly in the potential of blockchain technology. This strategic move was recently disclosed in Reddit's initial public offering (IPO) filing with the United States Securities and Exchange Commission (SEC) on 22 February.
In the filing, Reddit revealed that it has been strategically adding small amounts of Bitcoin and Ether to its treasury. While the exact quantities remain undisclosed, the company emphasised that these holdings are relatively insignificant. Furthermore, Reddit hinted at its experimentation with blockchain technology, including the purchase of Ether and Polygon (MATIC) as a form of payment for certain virtual goods.
This move positions Reddit among the select few companies directly involved in purchasing digital assets. The decision to embrace cryptocurrencies underscores the platform's forward-thinking approach and willingness to explore innovative financial avenues. Additionally, Reddit's consideration of blockchain technology for payment methods signals potential future developments in the digital commerce landscape.
Alongside its cryptocurrency ventures, Reddit provided financial insights in its IPO filing. The company reported a revenue increase of 20.6% to $804 million in 2023, despite recording $90.8 million in net losses for the same period. Notably, Reddit's valuation, estimated at $10 billion after a 2021 funding round, may undergo revisions, potentially reaching half that figure.
Despite regulatory challenges, Reddit remains steadfast in its journey towards becoming a publicly traded company. Co-founder Steve Huffman expressed the company's mission to empower its users through ownership, aligning with Reddit's ethos of community engagement. With plans to trade on the New York Stock Exchange under the ticker symbol "RDDT," Reddit aims to strengthen its position and foster deeper connections with its user base.
The disclosure of Reddit's cryptocurrency holdings sparked interest in the market, reflected in slight price increases for Bitcoin and Ether. Additionally, the surge in DONUT, a Reddit-related token representing community points, highlights the platform's influence beyond traditional social media realms. As Reddit prepares to enter the public market, its strategic manoeuvres in cryptocurrency underscore its commitment to innovation and long-term growth.
In July 2022, Reddit jumped into the NFT game with "Collectible Avatars," limited-edition Snoo designs minted on the eco-friendly Polygon blockchain. These unique avatars, coupled with credit card payments and community-driven art, saw Reddit skyrocket to become one of the biggest NFT marketplaces, attracting millions of users and generating over $40 million in sales.
Reddit's foray into cryptocurrency investments represents a bold step towards financial innovation and diversification. By embracing digital assets like Bitcoin and Ether, the platform not only aligns with evolving market trends but also positions itself as a trailblazer in the realm of social media finance. As Reddit navigates the complexities of regulatory compliance and market dynamics, its commitment to user ownership and community engagement remains unwavering. This strategic shift not only enhances Reddit's financial prospects but also paves the way for novel opportunities in the digital landscape.
Sam Altman, CEO of OpenAI, has praised Bitcoin as a global currency beyond government control. He called it a smart and important step towards changing how the world handles money.
AnaisGoMining's Miner Wars gamifies Bitcoin mining by letting players use digital miner NFTs to earn Bitcoin rewards through its extensive mining infrastructure. The game has attracted over 245,000 active users and introduced features like clan leagues and welcome packs to boost engagement.
AnaisBitcoin jumped to $92,000 as U.S. trade tensions eased and stocks rebounded, showing renewed investor optimism. However, futures and options markets remain cautious, signaling traders are not fully convinced it will break past $95,000 yet.
Jason RiggsHackers stole 500,000 ETH (about $1.4 billion) from Bybit using malware and laundered most of it through mixers, bridges, and decentralised platforms. Nearly 70% of the funds are still traceable, but a third has disappeared, with few signs of recovery so far.
AnaisFamily offices are investing more in Ethereum than Bitcoin through crypto ETPs, showing stronger interest in Ethereum among smaller investors. Larger institutions still dominate Bitcoin ETPs, but Ethereum is attracting a broader and more diverse range of players.
WeatherlyGary Gensler criticised Trump’s tariffs as harmful to the U.S. economy and warned that trade tensions with China could worsen. He also said most cryptocurrencies, except Bitcoin, are risky and based on hype, not real value.
AnaisThe United States Secret Service has partnered with Canadian law enforcement and securities regulators to launch a coordinated operation to dismantle a growing threat in the crypto space.
XingChiChina has seized large amounts of crypto from criminal cases and is using private firms to quietly sell them, despite its trading ban. Officials are now debating if the country should create formal rules—or even build a national reserve—to manage these assets.
AnaisThe US is looking at using tariff funds and gold revaluation to buy Bitcoin without raising taxes or debt. Plans include building a long-term Bitcoin reserve, while criticism grows over Trump’s personal crypto ties.
WeatherlySenator Elizabeth Warren has led a team of six senators to repeal Trump's decision to dissolve the National Cryptocurrency Enforcement Team (NCET).
XingChiLedger users protest against social media censorship.
BeincryptoReddit released a limited quantity of free Rabbids avatar NFTs and users are scooping them up, with multiple varieties already depleted.
Reddit’s NFT avatars have been very successful, recently hitting an all-time high in terms of minting.
BeincryptoMore than 4.4 million have been minted since Reddit launched the collection earlier this year.
The BlockSlowly but surely, Reddit Avatars fought their way into success. The initiative was initially mocked, but their second generation 40K ...
BitcoinistOver 3 million Reddit Vault wallets have been created.
BeincryptoWith the new integration, Reddit users will be able to purchase Ether from supported Reddit apps via FTX’s payment and exchange infrastructure platform FTX Pay.
CointelegraphThe company said that the project is set to utilize the Polygon (MATIC) blockchain for decentralized trading and third-party sales.
CointelegraphPopular social media platform Reddit will launch a new feature called Collectible Avatars. These blockchain-backed items are non-fungible tokens (NFTs) ...
BitcoinistGamestop’s job posting for a head of Web3 games reads: “Tomorrow’s creators will not just create games, but components, characters, and devices. Blockchain will power commerce at the bottom.”
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