Reddit, a social media platform with over 70 million users, has invested its excess cash in Bitcoin and Ether, according to a recent SEC filing.

The investments coincide with Reddit's filing for an initial public offering (IPO), as it reveals purchasing digital assets like Ether and Matic for transactions on its platform.

While the exact value of Reddit's cryptocurrency holdings is unspecified, it is deemed 'immaterial' in the financial statements.

Reddit plans to offer up to 75,000 of its users and moderators the chance to buy stock at the IPO price, aligning with its community-focused growth strategy.

The company's strategic investments in blockchain technology are reflected by a spike in Ether's price following the announcement.

Reddit has also entered a $60 million agreement with Google, allowing the use of Reddit content for AI training in exchange for enhanced site search capabilities using Google AI models.

This partnership with Google arrives as Reddit reports its first profit in two years and prepares for an IPO, highlighting the platform's momentum and potential for future growth.