Crypto-friendly social media platform Reddit files to be made public via the IPO

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In an official announcement, the company said it had confidentially submitted a Form S-1 to the United States Securities and Exchange Commission (SEC).

Reddit plans to go public

Reddit did not release any further information on the proceedings, but said it had started paperwork with the SEC regarding its scheduled IPO next year.

The company said it had refrained from sharing more details about its public offering for regulatory reasons.

“The number of shares to be offered and the price range of the proposed offering have not yet been determined. The initial public offering is expected to take place after the SEC completes its review process, subject to market and other conditions, ”the announcement said.

A crypto-friendly platform

Earlier in August, the company raised around $ 700 million in a Series F funding round, which saw its valuation rise to $ 10 billion as a result of the cash injection.

Despite being relatively small compared to other major social media platforms including Twitter and Facebook, Reddit has continued to witness an influx of users as it embraces cryptocurrencies in its day-to-day operations.

The number of daily active users has exceeded 50 million, while the monthly user base stands at 430 million. The subreddits, on the other hand, are north of 100,000, according to recent statistics.

Reddit doubles the blockchain

The social media platform has integrated cryptocurrencies in the form of community points for two subreddits. The tokens, dubbed MOON and BRICK, are built on the Ethereum blockchain and allow users to earn rewards by commenting and posting on the platform. Users can also spend the points on various services, including purchasing subscriptions and voting in weighted polls.

After the launch of Community Points, Reddit doubled down on blockchain technology by partnering with the Ethereum Foundation to improve scaling and open source development.

Notably, Reddit is home to the popular meme stock group, Wall Street Bets. It became hugely popular earlier this year when its more than 10 million users created a spree in the stocks of US video game retailer GameStop.

The group’s action has also had a huge influence on the prices of cryptocurrencies and traditional stocks.

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