2024-02-23 07:28:18
Reddit, the largest community forum in the United States, officially submitted an IPO application to the U.S. SEC yesterday (22nd) and plans to list on the New York Stock Exchange under the stock code RDDT. In addition, the application documents revealed that Reddit holds BTC, ETH and MATIC.
(Previous summary: Reborn from the ashes! Reddit will burn 43 million $MOON, terminate minting, and the currency price will soar 172%)
(Background supplement: American Villager Station “Reddit will restart its IPO in the second half of the year! The number of user NFT avatars exceeded 3.87 million)
Reddit, the largest community forum in the United States, has been actively moving toward the goal of becoming a listed company three years ago. In 2021, Reddit secretly submitted a draft IPO application to the U.S. Securities and Exchange Commission (SEC). Then in February last year, people familiar with the matter cited by The Information revealed that Reddit was working to complete the listing last year and expected to issue shares publicly in the second half of the year.
Although the listing plan last year still has not been realized, at the end of January this year, Reuters quoted sourcesreportAccording to reports, Reddit plans to publicly submit an IPO application at the end of February and is expected to be listed at the end of March.
Reddit officially submits IPO application to SEC
Now, this plan has become a reality.Yesterday (22nd), Reddit officially submitted an IPO application to the SEC.documentplans to be listed on the New York Stock Exchange under the stock code RDDT.
Reddit co-founder Steve Huffman wrote in the filing:
Our decision to go public is to advance our mission and become a stronger company.
Our users have a deep sense of belonging to the communities they create on Reddit. This sense of belonging often extends to Reddit as a whole. … We want to turn that emotion into actual ownership, making our users owners of us, and becoming a public company enables that.
If it goes ahead, it will be the first major social media company to go public since the Pinterest (PINS.N) IPO in 2019. Regarding the valuation of Reddit, it was once valued at US$10 billion in August 2021, but later in the same year its largest investor Fidelity lowered its valuation to US$6.6 billion. This IPO application, potential investment People have suggested that Reddit might go public at a valuation of $5 billion, but the final figure still depends on how the IPO market recovers.
Reddit holds BTC, ETH and MATIC
It is worth noting that the application documents revealed that Reddit invested part of its excess cash in Bitcoin and Ethereum. The company also stated that it received Ethereum and MATIC for selling virtual goods. Reddit said it may continue this strategy in the future.
However, the company did not disclose how many tokens it holds. It only stated in the document that the most held digital assets are Bitcoin and Ethereum, and that its net book value is “not material.” However, if Reddit is successfully listed at the end of March, it will have to disclose the book information of its digital assets held like MicroStrategy and Tesla.
Reddit-related tokens skyrocket
Affected by this news, Reddit-related tokens have experienced huge gains, especially $MOON and $DONUT, which have soared by more than 41% and 39% respectively in the past 24 hours.
However, these tokens have actually been operated independently of Reddit. They are related tokens in the community points program launched by Reddit in 2020. Reddit ended the program in October last year and gave up the token contract. of control.
Extended reading: Resurrection from the ashes! Reddit will burn 43 million $MOON, terminate minting, and currency price surges 172%
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