As per the latest reports, Reddit has made an announcement, which is very promising for its cryptocurrency community. The social media platform has announced that it has achieved a new milestone when it comes to gaining valuation.
The platform has revealed that it will successfully garner a market valuation of $4 billion. According to Reddit, it has managed to achieve this milestone following its successful funding round.
Reddit has revealed the recent funding round has been a huge success and the firm will achieve a market capitalization of $4 billion on top of its initial market capitalization.
The firm has confirmed that the last funding round it held was back in February of 2021. From the funding round held six months back, Reddit was able to generate a large amount. According to Reddit, the particular funding round belonged to Series E, which helped it generate $250 billion. At that time, the overall market capitalization of the firm had reached $6 billion.
Just recently, the firm has announced that it is currently leading another funding round belonging to Series F. The announcement in regards to the funding round was made by Reddit on Thursday, August 12, 2021. Reddit has revealed that the particular funding round is being led by Fidelity Research and Management Company LLC.
Reddit has announced that it is expecting that from the ongoing funding round, it is going to generate around $700 million. Although the funding round is yet to be concluded, Reddit has already shared its post-money valuation, as it is confident of gaining a market valuation of $4 billion.
The firm is speculating that by the end of the funding round, it would be able to reach a market valuation of $10 billion.
Reddit has revealed that so far, it has successfully generated $410 million from the ongoing funding round. It is hoping to generate the targeted figure at the earliest. The firm is confident that the investors will help it reach its goal of $700 million in the upcoming days.
The firm has revealed that for now, its exact market valuation cannot be confirmed. This is because it is yet to go public and that is not happening any time soon.
Steve Huffman, the CEO, and co-founder at Reddit revealed that for now, they do not have the exact valuation of the company. For now, they have not completed the plan of going public, which is the reason they have not confirmed their market capitalization.
The subreddit is known as r/CryptoCurrency currently has over 3.3 million members. The platform is so famous that it has launched its own cryptocurrency known as r/CryptoCurrency Moons (MOON). After launching an ample amount of funds, the firm is going to expand its cryptocurrency project. The platform is aiming to expose more of its members and users to the cryptocurrency industry.