Reddit said it invested part of its excess cash in bitcoin (BTC) and ether (ETH), making the firm one of the few companies that directly purchased digital assets alongside likes of Michael Saylor's MicroStrategy and Elon Musk's Tesla. The social media platform submitted a filing with the U.S. Securities and Exchange Commission (SEC) to go public on the New York Stock Exchange under the ticker symbol “RDDT.” As part of the filing, the social media platform disclosed that it invested part of its excess cash in bitcoin and ether. The firm didn't disclose how many tokens it holds but said in the filing that the net carrying value of the digital assets was "immaterial."
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