Reddit has announced that it has filed for an initial public offering with the US Securities and Exchange Commission. The number of shares and price range has not been determined, and the IPO will only take place after the Securities and Exchange Commission has completed its review.
Reddit intends to make it public, as evidenced by a confidential submission of a draft registration statement related to a proposed public offering. It was the shape of S-1 Presenter to the US Securities and Exchange Commission (SEC) on December 15.
The number of shares offered and the price range for the proposed offer has not yet been determined, and the IPO will only take place after the Securities and Exchange Commission has completed its review. No further details were provided.
It’s a big step for Reddit, which has become the home of cryptocurrency traders and the stock market. Reddit is arguably the home of memes, and many of its users have played a significant role in the markets.
Cryptocurrency users are known to frequent Reddit, posting their opinions as well as memes about the current state of the market. Many coding projects also find it a good place to spread information.
But perhaps most importantly, Reddit is also home to the likes of WallStreetBets, the community that was responsible for driving up the price of GameStop. The WallStreetBets community has single-handedly given billionaire businesses something to worry about, and it wouldn’t be surprising if they happily moved on to the IPO news.
After all, Reddit itself has shown some interest in cryptocurrencies. The overall strong performance of the IPOs this year means it could do very well if the Reddit community supports it.
Reddit and cryptocurrency are closely related
Reddit has made its own foray into cryptocurrency with MOONs and BRICKs tied to r/cryptocurrency and r/forniteBR. The former has performed particularly well, and there have been cases of users making quite a bit of money from it.
It has also partnered with the Ethereum Foundation to improve its scaling technology. Last year, it announced a plan to implement a community points system on Ethereum.
It will be interesting to see how the IPO performs given the strong and enthusiastic Reddit user base. Sure, there are a few communities that will do their best to support the stock.
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