Connect with us

Crypto News

Reddit Invests Excess Cash Reserves Into Bitcoin

Published

on

Reddit, the popular social media platform, has disclosed in a Securities and Exchange Commission (SEC) filing that it has invested a portion of its excess cash reserves into Bitcoin. The social media giant revealed this today as they have applied to go public and list their Class A common stock on the New York Stock Exchange under the symbol “RDDT” with this filing.

BREAKING: Reddit invested excess cash reserves into #Bitcoin — SEC filing pic.twitter.com/13IWr3QFvH

— Bitcoin Magazine (@BitcoinMagazine) February 22, 2024

“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 filing stated. “Our investments in cryptocurrencies for treasury purposes are limited to Bitcoin, Ether, and any other cryptocurrency that the SEC, Commodities Futures Trading Commission, or high-ranking members of the staff of such regulatory bodies may, through public statements or guidance, identify as likely not being a security.”

The decision to allocate funds into Bitcoin reflects Reddit’s confidence in the long-term potential of Bitcoin despite its short-term volatility. By investing in Bitcoin, Reddit joins a growing list of companies that have added BTC to their balance sheets as a hedge against fiat currency devaluation.

Reddit’s move also signals a broader trend of institutional adoption of Bitcoin, as more companies recognize the value proposition of BTC in today’s evolving financial landscape. While Reddit did not disclose the specific amount of Bitcoin it has purchased, the decision to invest in Bitcoin underscores its belief in the resilience and potential of BTC as a store of value and investment vehicle.

​ The company said it may continue buying more in the future. 

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Crypto News

Central Banks Plan Increased Gold Reserves Amid Global Uncertainty: 2024 World Gold Council Survey

Published

on

By

The World Gold Council’s 2024 survey reveals that central banks plan to increase gold reserves amid geopolitical and financial uncertainties.

​ The World Gold Council’s 2024 survey reveals that central banks plan to increase gold reserves amid geopolitical and financial uncertainties. 

Continue Reading

Crypto News

Bank of America: Younger Wealthy Investors Prefer Crypto Over Traditional Investments

Published

on

By

Bank of America report shows that younger wealthy individuals favor crypto and alternative investments over traditional investments.

​ Bank of America report shows that younger wealthy individuals favor crypto and alternative investments over traditional investments. 

Continue Reading

Crypto News

Kraken Calls Security Research Firm’s Demands ‘Criminal’; Certik Slams Threats Against Its Employees

Published

on

By

Nick Percoco said white hat hackers failed to fully disclose the bug transaction details and have not returned the stolen funds.

​ Nick Percoco said white hat hackers failed to fully disclose the bug transaction details and have not returned the stolen funds. 

Continue Reading

Shadow Banned

Copyright © 2023 mesh news project // awake, not woke // news, not narrative // deep inside the filter bubble