Design Platform Builds $100M Bitcoin Treasury: Figma’s IPO Filing Reveals $69.5 Million Bitcoin ETF Stake and Plans for $30 Million More via USDC

Figma Quietly Adds Bitcoin ETF to Treasury Ahead of IPO

Figma, best known for its collaborative design tools, has quietly built a multimillion-dollar Bitcoin position as part of its cash management strategy—revealed only now through its SEC IPO filing.

The move places the San Francisco-based firm among a growing list of tech companies dipping into crypto as a treasury reserve.

$69.5 Million in Bitcoin ETF Already on the Books

According to the S-1 prospectus published on 1 July, Figma currently holds $69.533 million worth of the Bitwise Bitcoin ETF (BITB), categorised under level-1 marketable securities.

The investment was authorised by the board on 3 March 2024, initially amounting to $55 million—suggesting a 27% appreciation since the purchase.

Interestingly, the filing reveals the ETF stake has already gone through a fluctuation cycle: Figma had recorded $78.8 million in unrealised gains by December 2024 before the value dipped by $9.3 million by the end of March 2025, landing at its current mark.

Another $30 Million Set Aside in Stablecoins

In a separate board resolution dated 8 May, the company approved the purchase of $30 million worth of USDC, a dollar-pegged stablecoin.

According to the filing, this capital is “intended to be re-invested into Bitcoin at a later date,” allowing the company to time the conversion while avoiding disruption to operating liquidity.

By holding the funds in USDC first, Figma appears to be managing short-term volatility while maintaining flexibility on execution.

The firm did not provide a timeline for when the conversion into Bitcoin would occur.

Bitcoin Now Part of a Diversified Treasury Mix

Figma’s Bitcoin allocation now makes up roughly 4.5% of its $1.54 billion in total cash, cash equivalents, and securities, as of 31 March.

The ETF stake is listed alongside more traditional holdings such as US Treasuries, corporate bonds, and money market funds—highlighting how digital assets are becoming part of mainstream capital strategies.

The prospectus does not disclose the exact number of ETF shares held, nor does it mention any active hedging or impairment policies.

As per US GAAP accounting, unrealised gains from such ETF holdings are not recognised in net income unless the shares are sold, helping insulate earnings from price swings.

IPO Filing Follows Failed Adobe Acquisition

This disclosure comes as Figma prepares to list on the New York Stock Exchange following a confidential SEC filing in April.

The IPO effort follows the collapse of Adobe’s attempted $20 billion acquisition of Figma, a deal abandoned in December 2023 due to regulatory hurdles in the UK and EU.

Despite the setback, Figma saw its private valuation reach $12.5 billion in 2024 through a secondary tender offer.

Backed by names like Morgan Stanley, Goldman Sachs, J.P. Morgan, and Allen & Company, the company is now looking to capitalise on renewed market interest in venture-backed tech IPOs.

For the year ending 2024, Figma reported $749 million in revenue.

The first quarter of 2025 saw a 46% year-on-year increase, reaching $228.2 million, signalling strong growth momentum.

Why Is Figma Getting Into Bitcoin Now?

While Figma has never been publicly linked to digital asset strategies before, its quiet accumulation of Bitcoin—both directly and through ETFs—signals a deliberate financial move rather than a speculative bet.

Figma now joins a fast-growing club of tech companies building Bitcoin treasuries, following the footsteps of firms like Strategy (formerly MicroStrategy), which now holds over 597,000 BTC.

That trend, once seen as fringe, is increasingly becoming a structural part of corporate finance.

Is Bitcoin Becoming the New Corporate Cash?

Figma’s decision to place part of its treasury into Bitcoin through a regulated ETF and prepare further stablecoin-funded purchases raises the question: is Bitcoin now being treated as a core asset class?

With more companies following suit, the line between traditional corporate finance and decentralised assets is blurring faster than expected.