Reddit files for IPO to offer 22 million shares under ticker symbol RDDT

On March 11, Reddit filed for an IPO to issue 22 million shares, with an expected price range of $31 to $34 per share, under the ticker symbol RDDT, according to market sources. As previously reported by BlockBeats, on February 23, Reddit said in its IPO filing with the SEC that it had a small amount of cryptocurrencies on its balance sheet.Reddit said that the company invested a portion of its excess cash reserves in Bitcoin and Ether, and used Ether and Matic as payment for the sale of certain virtual goods, and may continue to do so in the future. As of December 31, 2023, Reddit states that it does not hold digital assets other than Bitcoin and Ether for financial management purposes.Reddit also states that its related activities are considered "insignificant" for the periods presented because the amount of cryptocurrencies held is not sufficiently large to be separately identified in the financial statements.