Figma’s Bitcoin Treasury Strategy: Prudent Diversification or Distracting Speculation?

In the ever-evolving landscape of corporate treasury management, Figma’s recent foray into Bitcoin has sparked a contentious debate. The design software giant, which went public in July 2025, disclosed a $91 million Bitcoin ETF allocation as part of its $1.6 billion cash reserves during its Q2 earnings call [1]. This move, framed as a “diversified financial decision” by CEO Dylan Field, has drawn both praise and skepticism. While proponents argue that Bitcoin’s role as a hedge against inflation and macroeconomic uncertainty aligns with prudent treasury practices, critics question whether such allocations distract from Figma’s core mission as a design platform.

Figma’s Conservative Approach: A Strategic Buffer or a Missed Opportunity?

Figma’s Bitcoin strategy is notably cautious compared to peers like MicroStrategy (now rebranded as Strategy), which has committed over 3% of Bitcoin’s circulating supply to its balance sheet [2]. Figma’s approach involves a two-step process: first, allocating $55 million to the Bitwise Bitcoin ETF in March 2024, which appreciated 27% by March 2025 [3]; second, a $30 million USDC allocation in May 2025, with plans to convert the stablecoin to Bitcoin later in the year [4]. This transitional use of stablecoins mitigates volatility while allowing the company to gradually build exposure to Bitcoin.

The rationale, as outlined in Figma’s filings, is to diversify its treasury beyond traditional assets like money market funds and government bonds [5]. According to a report by Coindesk, this strategy mirrors a broader trend among tech firms seeking to position Bitcoin as a “store of value” amid rising interest rates and geopolitical instability [6]. However, the allocation remains a small fraction of Figma’s total reserves, with Bitcoin ETFs accounting for just 5.7% of its $1.6 billion treasury [7].

Market Reaction: Volatility and Mixed Signals

Despite Figma’s strong Q2 performance—41% year-over-year revenue growth to $250 million and a net dollar retention rate of 132%—its stock price fell 18% following the earnings report [8]. This decline occurred even as the company hinted at “M&A at scale” to bolster its AI-driven product suite [9]. Analysts attribute the sell-off to a combination of factors: cautious guidance for future growth, the end of insider lockups, and broader market skepticism about corporate Bitcoin holdings.

Comparisons to MicroStrategy are instructive. While Strategy’s aggressive Bitcoin accumulation has driven a 3,422% return over five years, its stock has underperformed Bitcoin’s price due to heavy share dilution [10]. Figma, by contrast, has avoided leveraged purchases and maintains a conservative profile. Yet, as noted in a Yahoo Finance analysis, its stock’s post-IPO struggles—down over 50% from its opening day highs—suggest investors remain unconvinced about the long-term value of its Bitcoin allocation [11].

Expert Perspectives: Prudence vs. Distraction

The debate over corporate Bitcoin treasuries hinges on two key questions: Is Bitcoin a legitimate strategic asset, and does its inclusion in a company’s portfolio detract from core operations?

Proponents argue that Bitcoin’s fixed supply and low correlation with traditional assets make it an effective inflation hedge. A 2025 study by Galaxy Research found that institutional Bitcoin holdings have surged to $165 billion, with 7.11% of the total supply now held by corporations [12]. Franklin Templeton’s recent projection of “strategic Bitcoin reserves” by nations in 2025 further legitimizes the asset’s role in diversified portfolios [13]. For Figma, the ETF route offers regulatory clarity and reduced operational complexity compared to direct Bitcoin holdings.

Critics, however, warn of the risks. Sequans Communications and Ming Shing Group, for example, saw their stocks plummet despite significant Bitcoin allocations, as investors viewed the strategy as a distraction from operational challenges [14]. Hester Peirce, an SEC commissioner, has emphasized the need for balanced regulation, noting that cryptocurrencies lack the proven utility of gold or oil in times of crisis [15]. For Figma, the challenge lies in convincing stakeholders that its Bitcoin allocation complements—not competes with—its mission to revolutionize design software.

Conclusion: A Prudent Step in a High-Stakes Game

Figma’s Bitcoin treasury strategy appears to strike a middle ground between caution and innovation. By allocating a modest portion of its reserves to Bitcoin ETFs and using stablecoins as a buffer, the company mitigates volatility while signaling its recognition of digital assets’ growing legitimacy. However, the market’s mixed reaction underscores the broader uncertainty surrounding corporate Bitcoin holdings.

As the landscape evolves, Figma’s success will depend on its ability to balance treasury diversification with core business execution. If its AI-powered design tools and cross-sell opportunities continue to drive revenue growth, the Bitcoin allocation may be seen as a prudent hedge. But if the stock remains under pressure, critics will argue that the company’s focus on crypto distracts from its primary value proposition. In the end, the jury is still out—but one thing is clear: Bitcoin’s role in corporate treasuries is here to stay.

Source:
[1] Figma's $91M Bitcoin Bet Isn't a 'Michael Saylor' Move, [https://www.coinglass.com/news/688919]
[2] MicroStrategy Successfully Claims 3% Of Bitcoin Supply, [https://www.mitrade.com/insights/news/live-news/article-3-1073669-20250828]
[3] Figma Reveals $70 Million Bitcoin ETF Holdings, [https://www.digivestasi.com/news/detail/aset_kripto/figma-reveals-70-million-bitcoin-etf-holdings-plans-to-buy-30-million-more?lang=eng]
[4] Figma IPO Filing Reveals $100M Bitcoin and USDC Holdings, [https://airdrops.com/news/figma-files-for-ipo-reveals-100m-bitcoin-exposure-in-treasury-strategy]
[5] Figma’s Treasury Strategy, [https://www.coindesk.com/markets/2025/09/04/figma-s-usd91m-bitcoin-bet-isn-t-a-michael-saylor-move-ceo-says]
[6] Bitcoin as a Strategic Asset, [https://www.digivestasi.com/news/detail/aset_kripto/figma-reveals-70-million-bitcoin-etf-holdings-plans-to-buy-30-million-more?lang=eng]
[7] Figma Discloses $91 Million Bitcoin ETF Stake, [https://www.benzinga.com/markets/earnings/25/09/47492990/figma-discloses-91-million-bitcoin-etf-stake-in-its-1-6-billion-treasury-as-ceo-hints-at-ma-at-scale-amid-ai-driven-margin-pressures]
[8] Figma, Inc. Q2 FY2025 Earnings Call Transcript, [https://finance.yahoo.com/quote/FIG/earnings/FIG-Q2-2025-earnings_call-369762.html]
[9] Figma’s M&A Hints, [https://www.benzinga.com/markets/earnings/25/09/47492990/figma-discloses-91-million-bitcoin-etf-stake-in-its-1-6-billion-treasury-as-ceo-hints-at-ma-at-scale-amid-ai-driven-margin-pressures]
[10] MicroStrategy’s Bitcoin Returns, [https://www.bitget.com/news/detail/12560604940076]
[11] Figma’s Post-IPO Struggles, [https://www.tastylive.com/news-insights/figma-post-ipo-struggles-bigger-market-lesson]
[12] Corporate Bitcoin Holdings Surge, [https://www.galaxy.com/insights/research/digital-asset-treasury-companies]
[13] Franklin Templeton’s Bitcoin Projections, [https://www.facebook.com/groups/coredaoorg/posts/1430189345022305/]
[14] Corporate Bitcoin Winners vs. Losers, [https://yellow.com/research/corporate-bitcoin-treasury-winners-vs-losers-5-companies-crashing-5-companies-winning-big-in-2025]
[15] Hester Peirce on Crypto Regulation, [https://www.mercatus.org/macro-musings/hester-peirce-role-sec-financial-surveillance-and-crypto]