On Thursday, Reddit submitted its S-1 registration statement to the Securities and Exchange Commission. This document is required for companies preparing for an initial public offering. The disclosure in the S-1 revealed that Reddit had invested some of its extra cash reserves in Bitcoin and Ether. The social media company only retains bitcoin and ether for its treasury needs. The company stated that they only invest in Bitcoin, Ether, and any other cryptocurrencies that regulatory bodies like the SEC or Commodities Futures Trading Commission publicly state are not considered securities. This was mentioned in response to Reddit’s decision to discontinue its Ethereum-based Community Points. The document stated that the company also owned ether and MATIC, the native token of Polygon, as a method of payment for the sale of specific virtual goods. The company revealed that the amounts of MATIC and ether received were insignificant for the years ending on December 31, 2022 and 2023. The company stated in a different part of the document that the value of their cryptocurrencies, which were mainly Bitcoin and Ether, and all associated cryptocurrency transactions, were not significant for the periods shown. We have acquired and currently possess digital assets in the form of cryptocurrencies for the purpose of using them for our product and engineering teams in specific ways. According to the S-1 form, Reddit plans to be listed on the New York Stock Exchange with the ticker symbol RDDT. Reddit initially filed for an IPO in the winter of 2021 and was aiming for a stock market debut in March, as reported by Reuters last month. It would mark the first time a social media platform has gone public since Pinterest did so in April 2019. Last year in October, Reddit discontinued its Community Points beta program, which was reliant on Ethereum.