Figma Allocates 100 Million to Bitcoin in IPO Filing

Figma, a widely used collaborative design tool, recently disclosed its significant exposure to Bitcoin as part of its corporate treasury strategy. In its filing for an Initial Public Offering (IPO), Figma revealed that it owns $70 million worth of Bitcoin ETFs and has plans to acquire an additional $30 million in spot Bitcoin. This move is seen as a strategic decision to diversify its treasury holdings and potentially benefit from the long-term appreciation of Bitcoin.

Marty Bent, a prominent Bitcoin investor and founder of Bitcoin media company TFTC, praised Figma's decision. He described Figma as an incredibly well-run company and a favorite in Silicon Valley, noting that its founders, board, and finance team demonstrated foresight by gaining exposure to Bitcoin ETFs and spot Bitcoin. Bent believes this move is a bullish signal for the Bitcoin market, indicating that more companies are recognizing the value of holding Bitcoin as part of their treasury strategy.

Unlike many other companies that have recently announced Bitcoin treasury strategies but lack a substantial operating business, Figma stands out because it has a popular product used by a large number of designers. By allocating some of its profits into Bitcoin, Figma is setting a precedent for other companies to follow. Bent anticipates that more privately held companies will reveal their Bitcoin holdings as they go public in the coming 12-18 months, making it a standard practice for startups to include Bitcoin in their balance sheets.

Despite the recent lack of upward price movement in Bitcoin, the market has shown strong demand in the face of significant selling pressure. Analysts note that long-term holders have been selling large amounts of Bitcoin, with estimates suggesting that selling peaked at 40,000 BTC per day. The market's ability to absorb this selling pressure and remain above $107,000 is seen as a bullish indicator, demonstrating the underlying strength of the Bitcoin market.