Reddit has been added to the list of companies that consider cryptocurrencies as an investment instrument on their balance sheet. The company, which applied for an IPO on the New York Stock Exchange, included information that it invested in BTC, ETH and MATIC in the documents it submitted to the US SEC. These investments were funded by the company’s excess cash and will continue to be invested in the future.

Reddit thus joined the ranks of companies such as MicroStrategy, Tesla and Block that include Bitcoin on their balance sheets. After Reddit’s investment announcement, Bitcoin and Ether jumped above $52,000 and $3,000, respectively. The disclosure had the biggest impact on MATIC. MATIC jumped more than 10 percent to $1.06.

Applied for the first big IPO of the year

Reddit, which submitted its IPO prospectus, will be traded on the New York Stock Exchange under the code RDDT. The company’s expected IPO is likely to take place in March. Reddit’s IPO will be the first major tech IPO of the year.

According to the information published, Reddit generated $804 million in revenue in 2023 and its revenues increased by 20 percent compared to the previous year. Reddit, which has reported a net loss since its establishment, announced a net loss of $90.8 million for 2023, which ended on December 31. This figure was $ 158.6 million the previous year.