Reddit has confidentially submitted a draft registration statement with the U.S. Securities and Exchange Commission (SEC) for a proposed initial public offering (IPO) of its common stock, the company announced Wednesday on Twitter.
- The number of shares to be offered and the price range for the proposed offering have yet to be determined, the announcement said.
- The IPO is expected to occur after the SEC completes its review process, subject to market conditions.
- Reddit is in a “quiet period,” and for regulatory reasons cannot disclose more information, the announcement said.
- The social media platform announced in January it was expanding its work with the Ethereum Foundation to provide development resources to scaling tools. In the announcement, posted to the Ethereum subreddit, Reddit employee u/jarins said the move increases the company’s commitment to the technology and echoes its long-held “decentralized ethos.”
- Wednesday’s release does not constitute an offer to sell or the solicitation to buy any securities, Reddit said in a disclaimer.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.