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.

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,…

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