Reddit Files Confidential Paperwork To Go Public — A Year Into WallStreetBets-Fueled Popularity

Reddit, Inc, which operates a social media platform popular with retail and cryptocurrency investors, said Thursday it has confidentially filed for an initial public offering.

What Happened: The company said on Twitter that it had submitted a draft registration statement on Form S-1 with the U.S. Securities and Exchange Commission. 

Hi, we have some news. pic.twitter.com/DjkjBRloHF

— Reddit (@Reddit) December 16, 2021

“The number of shares to be offered and the price range for the proposed offering have not yet been determined,” said Reddit.

Reddit said it is quiet for “regulatory reasons” and it cannot “say anything further.”

See Also: How To Buy GameStop (GME) Shares

Why It Matters: Retail investors on Reddit, particularly on r/WallStreetBets, short squeezed shares of GameStop Corporation GME and AMC Entertainment Holdings Inc AMC earlier in the year. The social media platform has also seen an uptick in activity from the rise of meme coins such as Dogecoin DOGE/USD and Shiba Inu (SHIB).

Recently, Reddit said it was testing a new website related to extending Ethereum ETH/USD-based Community Points to more subreddits.

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