Reddit Files IPO Application and Plans to Invest in Bitcoin and Ethereum

American social media platform Reddit has filed for an initial public offering (IPO) on the New York Stock Exchange. The company has also stated its intention to invest a portion of its excess cash in Bitcoin and Ethereum, with the possibility of continuing such investments in the future. It is reported that Tencent holds 6.4% of the company's Class A shares, while OpenAI founder Sam Altman holds 4.5% of the Class A shares.