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As of August 2012, Reddit operates as an independent entity, although Advance is still its largest shareholder. In October 2014, Reddit raised million in a funding round led by Sam Altman and including investors Marc Andreessen, Peter Thiel, Ron Conway, Snoop Dogg, and Jared Leto.

The site is a collection of entries submitted by its registered users, essentially a bulletin board system.

Users may also be gifted "Reddit gold" if another user particularly valued the comment or post, generally due to humorous or high-quality content; this process is known as "gilding".

Self posts previously did not accumulate karma points for the submitter, but As of July 2016 Reddit communities occasionally coordinate Reddit-external projects such as skewing polls on other websites, such as in 2007 when Greenpeace allowed web users to decide the name of a humpback whale it was tracking. Splashy Pants", and Reddit administrators further encouraged this by changing the site logo to a whale during the voting.

In December of that year, Mister Splashy Pants was announced as the winner of the competition.

Reddit has also created a system of points called "creddits".

Reddit gold "creddits" are like gift certificates: each creddit you have allows you to give one month of Reddit gold to someone else.

Within the site, redditors commemorate their "cake day" once a year, which is the anniversary of the day the user's account was first created.