I'm not really surprised, I mean I have been speculating that they have invested on Bitcoin at least all this year. Their community have been lively, and If I'm not mistaken, they have their own Reddit-related token, DONUT.
So it's just a matter of time that they will go out in public and make it official. I believed as well that there are tech and non-tech companies that have been diversifying their extra cash into crypto specially Bitcoin and Ethereum.
This is beneficial of course to crypto market, specially right now that we are approaching the block halving. For some companies, this sort of experiment might give them huge profits.
I didn't know about DONUT token, I don't think Reddit has their own token. If so, they need to declare it when filing the docs. Currently Reddit only has BTC + ETH + MATIC.
I hope that after knowing that Reddit invested in crypto, other private companies will also diversify their asset portfolios and spend a few percent to invest in crypto. BTC and ETH will always be the best tokens to hold. This could spur market growth through a strong buying pressure.
I think organisations like Reddit have been reviewing crypto for a long time and are trying to implement their interest when they are fully comfortable. Although I think they are a latecomer to this space, they will definitely be focusing now on how to establish themselves in this platform. As far as I know they will initially invest in coins like Bitcoin Ether and later their own projects. Sooner or later, the world's biggest companies will be involved in crypto. They have been able to understand that cryptocurrency is not silly matter anymore. This space is the most advanced in terms of potential. I don't see their inclusion in this space as a surprise as large organisations have already joined crypto. But I applaud their inclusion and I'm glad that all the organisations are coming to crypto so quickly.
The approval of the BTC Spot ETF can be seen as the clearest confirmation of BTC's value in the economy: legitimate and potential. This can help eliminate the doubts of large companies, they will boldly seek opportunities from BTC and Altcoins.
I also think that initially, companies should have exposure to BTC and ETH. Other Altcoins seem to have more potential but also carry greater risks. They should go slowly to better understand the market before investing more in crypto.