Reddit Inc has revealed that it holds Bitcoin and Ether in treasury reserves, with Ether and Matic received as payment for sales of certain virtual goods.
“We invested some of our excess cash reserves in Bitcoin and Ether and also acquired Ether and Matic as a form of payment for sales of certain virtual goods, which we may continue to do in the future,” the social media of the firm said, adding: Ether and Matic received from the sales of virtual goods was not material for the years ended December 31, 2022 and 2023.
In addition, the company said they also acquired and hold digital assets that are crypto for use by their product and engineering teams, which is limited to specific uses.
They also added that they acquired digital assets for use by its product and engineering teams. As of December 31, 2023, Reddit did not hold digital assets other than BTC and ETH for treasury purposes.
Furthermore, the company has experimented with crypto, including tokenized karma in Moons and Donuts for r/ethtrader, and attempted to integrate NFTs. Reddit’s advertising revenue for 2023 is $804 million.
