According to Blockworks, Reddit is reportedly planning to go public later this month, with a possible trading date as soon as March 21. The company is looking to price its shares between $31 and $34, which would result in a valuation of around $6.5 billion. Reddit will list its shares on the New York Stock Exchange under the ticker RDDT. The company's public debut is expected to be highly anticipated, and it has warned in its S-1 filing that the stock may be volatile or decline significantly regardless of its operating performance.
Last month, Reddit filed its S-1, revealing that the company holds ether (ETH), bitcoin (BTC), and Polygon's native token (MATIC). The company spent excess cash reserves on BTC and ETH for treasury purposes and received MATIC from sales of virtual goods. However, the amounts of MATIC and ETH gained from such sales were immaterial for 2022 and 2023. Reddit's S-1 also stated that the company believes both crypto and blockchain technology have significant potential, but the long-term adoption of cryptocurrencies and blockchain technology by consumers and businesses remains uncertain.
Reddit previously experimented with Ethereum-based Community Points before discontinuing the program last year due to an uncertain regulatory landscape and scalability limitations.