Amidst a significant gust of developments witnessed recently, Reddit, an American social news aggregation network, recently revealed that the firm is eyeing a valuation of up to $6.4 billion in its U.S. initial public offering (IPO), marking one of the most much-awaited stock market debuts this year. According to a report, the company, along with some of its key investors, aims to sell about 22 million shares, with prices ranging from $31 to $34 per share, nabbing significant attention among market traders and investors globally.

This move echoed a sense of frenzy across the stock market industry as the firm announced its IPO following its initial preparations to go public approximately two years ago. With the IPO market recovery being unbalanced at present, this monumental IPO launch hopes to bring about a paradigm shift throughout the industry.

A Closer Look Into The Report

Ever since Reddit’s launch in 2005, the platform has gained substantial traction globally. However, despite its global popularity, the platform lagged behind the success of competitors such as Meta Platforms’ Facebook and Elon Musk’s X (formerly known as Twitter). Following this, Reddit now eyes turning colossal profits with its imminent IPO launch, thereby finally monetizing its business. Finally gearing up with its IPO launch, Reddit gradually readies itself as a notable rival for X & Meta’s Facebook.

Meanwhile, the platform’s lenient and liberal functioning is now expected to bear heightened scrutiny as an IPO becomes imminent and the company goes public. While this may come as a setback for Reddit, an IPO launch as a whole aims to alleviate Reddit’s current market standing.

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Reddit Eyes Digital Assets For Its Treasury

With the firm’s plans to go live on NYSE looming, Reddit even revealed plans to embrace crypto holdings for its treasury. In its S-1 filings, the organization spotlights its strategic investment to hold cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH), which are emerging as exciting alternatives for “treasury purposes.”

This underscores Reddit’s efforts to revolutionize its venture with the abovementioned IPO weighing in. With the firm diversifying its holdings in crypto, a wave of optimism for the upcoming launch additionally orbits around Reddit.

In the interim, with Vitalik Buterin, the founder of Ethereum, hailing Reddit IPO, the upcoming launch further garnered attention globally.

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The post Reddit’s Highly Anticipated US IPO Eyes $6.4 Bln Valuation appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am