Reddit, the social media giant, announced that it has been employing its extra cash resources to add small amounts of Bitcoin (BTC) and Ethereum (ETH) to its treasury since 2022. Given its novelty in the financial world, cryptocurrency is making tremendous gains toward broad operation. According to a February 22 initial public offering filing with the US SEC, the company believes crypto and blockchain have “significant potential.”
Reddit Shifts Towards Crypto
In a February 22 IPO filing with the US SEC, social media giant Reddit claimed, “We invested some of our excess cash reserves in Bitcoin and Ether.” As expected, this created a surge of excitement in the cryptocurrency community. After all, widespread cryptocurrency acceptance may be in full swing—what a moment!
Reddit stated in the filing, “We believe cryptocurrencies and blockchain technology have significant potential.” However, it expressed concern about its long-term adoption due to its novelty.
While its reservations are legitimate, it is evident that Reddit is still a fan of cryptocurrency. With cryptocurrency going to be integrated more into everyday finance and mainstream following the SEC’s approval of spot Bitcoin ETFs, we will certainly see more corporations gravitating toward crypto in the future.
Aptos (APT): On an Upward Trend
Aptos (APT) is currently doing well in the cryptocurrency market, causing enthusiasm within the community. Its success this week has been exceptional, attracting the attention of both investors and traders—holders must be pleased with their green portfolio.
While on an increasing trajectory, Aptos additionally serves an important role in the cryptocurrency field. It is a layer-1 proof-of-stake (PoS) blockchain that is gaining traction among developers. Its goal is to increase Web3 usage and create decentralized applications (dApps) that solve real-world user concerns.
Conclusion
Reddit may be the most recent crypto lover, having lately announced that it will spend its extra income in Bitcoin, Ethereum, and other “non-security” cryptos. In the meantime, Aptos enjoys a period of rebounding.
