Social media platform Reddit is the latest company to reveal the presence of digital assets on its balance sheet.

In a report published on February 22, Reddit said it had invested some of its excess cash reserves in Bitcoin and Ethereum. Without specifying the number of tokens held or the dollar amount, it said the net book value of its cryptocurrency portfolio was "immaterial" compared to the company's total assets of $1.6 billion.

The news comes after Reddit's multi-year preparation process for a stock listing on the New York Stock Exchange under the symbol RDDT, scheduled for March 2023.

Beyond balance sheet positions, Reddit has also reported experimentation with digital assets on the operational side. The company said it acquired and holds Ether and MATIC Polygon tokens as a form of payment for the sale of certain virtual goods.

As with the investment holdings, Reddit noted that the ETH and MATIC received from this payment activity were negligible in magnitude for the 2022 and 2023 results. However, the company has hinted at potential continued integration of cryptocurrency payments where feasible and appropriate.

At the same time, Reddit expressed caution regarding the prospects for mass adoption of blockchain. The same document states that while cryptocurrencies and blockchain technology show promise, the extent of their long-term adoption remains highly uncertain.

The subtle positioning is in line with Reddit's winding path through the crypto sector. Last October, the company discontinued its Ethereum-based Community Points program, which rewarded users due to scalability limitations.

However, the warming sentiment reflects the growing openness of cryptocurrencies in the Fortune 500. Initiatives such as the Ethereum Alliance are attracting leading companies into the Web3 space en masse, collectively putting pressure on lagging peers to devote resources to research and development.