Social media huge Reddit printed Thursday it had invested in BTC and ETH in a preliminary prospectus filed to the USA Securities and Replace Commission, as the San Francisco-essentially based fully agency strikes one step nearer to its debut on the stock market.

“We invested some of our extra cash reserves in Bitcoin and Ether and additionally obtained Ether and MATIC as a compose of cost for gross sales of definite digital items, which we are in a position to also simply proceed to attain within the raze,” Reddit wrote in its S-1 filing to the SEC.

In investing within the tip two cryptocurrencies by market cap, Reddit would join a tiny community of corporations, collectively with MicroStrategy and Tesla, that support cryptocurrencies straight of their company treasuries. Facts from CoinGecko reveals that MicroStrategy holds about 174,530 BTC, whereas Tesla’s BTC holdings stand at 10,500.

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Alternatively, Reddit properly-known in its prospectus that the net carrying cost of all its cryptocurrency holdings modified into at repeat “immaterial.”

Vigorous within the Crypto Home

Reddit, which has an moderate of 73.1 million on daily basis active outlandish users, per the filing, has been a basic participant within the crypto ecosystem. As an instance, in 2022, the social network rolled out its NFT market on the Polygon blockchain network.

Individually, Reddit distributed ERC-20 tokens to reward users who contributed to the platform by posting and commenting on numerous subreddits akin to r/CryptoCurrency as section of its Team Parts program. Alternatively, the agency determined to sundown this system in Oct. 2023, as reported by TechCrunch.

Reddit’s filing with the SEC on Thursday is a basic step for the social media platform’s initial public offering, which would enable Reddit to boost capital and offer liquidity to its workers, as properly as enable investors to aquire shares of the stock, which also can additionally be listed on NYSE beneath the ticker RDDT.

“We hope going public will provide meaningful benefits to our neighborhood as properly. Our users have a deep sense of ownership over the communities they build on Reddit,” wrote Reddit’s co-founder and CEO Steve Huffman within the prospectus. “We desire this sense of ownership to be reflected in true ownership—for our users to be our owners. Turning precise into a public company makes this imaginable.”

Read More: Reddit to Close Team Parts Citing Scalability and Regulatory Disorders, Sparking Team Backlash