In a video posted on social media, the entrepreneur - who has a two-year-old daughter with wife Serena Williams - said he would also be pledging $1m (£790,000) to Colin Kaepernick's Know Your Rights campaign. Ohanian, who co-founded the company in 2005, said that it was "long overdue to do the right thing". "I'm doing this for me, for my family, and for my country", he wrote.
Ohanian, for those unaware, is married to tennis player Serena Williams, and the two have a young daughter together.
The couple welcomed their daughter Alexis Olympia Ohanian Jr.in September 2017 and followed it up with a celebrity filled wedding in New Orleans in November 2017. To everyone fighting to fix our broken nation: "do not stop", he said.
He added that he will use any future gains from his holdings in Reddit to serve the Black community and curb racial hate, starting with a donation of $1 million to Know Your Rights Camp, led by civil rights activist and former National Football League quarterback Colin Kaepernick.
Ohanian's move continues what has been a week of turmoil at Reddit.
In a lengthy statement later on Friday, Steve Huffman, Reddit's chief executive, said that the company would "honour" the request by Mr Ohanian that his successor be a black candidate.
The platform's stance of not banning Trump's posts have also been called out by various Reddit users and groups.
This comes only a few days after Ellen Pao, the interim CEO of Reddit in 2014, criticized Huffman's open letter to employees, in which he made it clear the company doesn't tolerate "hate, racism, and violence", noting that its "values are clear". She tweeted that Reddit should have shutdown the forum rather than amplifying "hate, racism, and violence". So much of what is happening now lies at your feet.