In a strategic move to diversify its investment portfolio, Reddit buys Bitcoin (BTC) and Ethereum (ETH). <a href=https://neironix.io/news/reddit-buys-bitcoin-famous-social-media-dives-deeper-into-crypto-investments-along-with-jack-dorseys-block>Reddit Buys Bitcoin: Famous Social Media Dives Deeper Into Crypto Investments Along with Jack Dorsey's Block</a>
The company's recent filing with the US Securities and Exchange Commission (SEC) highlighted its foray into cryptocurrencies, funded through the surplus cash reserves it amassed over the year. By the end of 2023, Reddit had successfully bolstered its cash holdings to $1.3 billion, part of which was allocated towards purchasing BTC and ETH. This decision places Reddit among a select group of corporations, including MicroStrategy and Tesla, that have chosen to invest directly in cryptocurrencies.