Figma Boosts Bitcoin Holdings by 27% Ahead of IPO

Figma, a design software company, has disclosed in its initial public offering (IPO) prospectus that it holds approximately $69.5 million worth of the Bitwise Bitcoin ETF (BITB). This information was revealed in a July 1 filing, which listed the ETF under level-1 marketable securities. The document also mentioned that the company's board authorized a $55 million purchase on March 3, 2024, suggesting that the position has appreciated by roughly 27% since the acquisition. Additionally, a separate note records a May 8 board resolution to purchase $30 million of USDC for future reinvestment into Bitcoin, providing the company with an additional pool of dollar-pegged capital earmarked for future accumulation. By accumulating a stablecoin first, the firm can time conversions without disrupting operating cash and hedge short-term price swings between board approval and execution. The disclosure places Bitcoin alongside money market funds, US Treasuries, and corporate bonds in Figma’s cash management mix. The $69.5 million stake equals roughly 4% of Figma’s $1.07 billion in cash, cash equivalents, and marketable securities reported as of March 31. The firm did not specify the exact number of BITB shares it holds. Figma’s S-1 is ahead of a planned listing that follows the collapse of Adobe’s $20 billion takeover attempt in 2023. The filing confirms reports that the company confidentially filed for an IPO in April as equity markets reopened for venture-backed software names. Figma joins a growing cohort of operating companies that allocate part of their treasury to Bitcoin. The prospectus does not set a timeline for converting the $30 million USDC tranche, although the additional allocation suggests the company views Bitcoin as a strategic reserve rather than a short-term trade. The filing offers no commentary on hedging or impairment policy. Under US GAAP, unrealized gains on an ETF classified as a security flow through other comprehensive income, insulating net income from mark-to-market volatility unless shares are sold.

Publicly traded companies have surpassed exchange-traded funds (ETFs) in Bitcoin accumulation for the third consecutive quarter by Q2 2025. According to Bitcoin Treasuries data, public companies purchased approximately 131,000 Bitcoins during this period, marking an 18% increase compared to the previous quarter. In contrast, ETFs accumulated around 111,000 Bitcoins, a growth rate of 8% during the same timeframe. Nick Marie, the head of research at Ecoinometrics, links companies’ Bitcoin accumulations to their desire to enhance shareholder value. He points out that institutional investors who invest in Bitcoin via ETFs are motivated by different factors. Some companies accumulate Bitcoin regardless of price, aiming to make their shares more appealing. In April 2025, while Bitcoin holdings of public companies increased by 4%, ETFs only saw a 2% growth. Companies are motivated by long-term returns and investor attraction rather than price trends or general market sentiment. Despite the rise in institutional adoption, ETFs continue to be the largest collective holders of Bitcoin, currently possessing over 1.4 million Bitcoins, accounting for approximately 6.8% of the supply. Public companies, on the other hand, hold around 855,000 Bitcoins, making up 4% of the total supply. Until the third quarter of 2024, ETFs were leading in Bitcoin accumulation over public companies. However, new policies implemented following a change in administration in the United States have reportedly increased companies’ interest in Bitcoin. Particularly, the executive order signed by President Trump in March 2025 to establish a “Bitcoin Strategic Reserve” is seen as a step that facilitated public companies’ shift towards Bitcoin. Recent moves such as GameStop’s initiation of Bitcoin accumulation, KindlyMD’s merger with Nakamoto, and ProCap’s pre-IPO Bitcoin treasury strategy showcase the rising corporate participation. Company Strategy, formerly known as MicroStrategy, continues to lead with its 597,000 Bitcoin holdings. Ben Werkman, Investment Officer at Swan Bitcoin, notes that the scale MSTR has achieved is enormous, making it tough for other companies to catch up. They have become a preferred haven for institutional capital. Some industry analysts caution that the current level of institutional purchases may not be sustained long-term. Marie suggests this could be a temporary opportunity for different companies benefiting from the current situation. Conversely, Werkman sees this model as having significant long-term importance. Ben Werkman: “The key advantage these companies offer is a collective Bitcoin accumulation on a scale that individual Bitcoin holders cannot achieve on their own.” Regardless, what we observe in both ETF channels and corporate reserve trends is the beginning of institutional hype over Bitcoin due to its scarcity. This phenomenon could propel Bitcoin to historical highs until the excitement peaks. Moreover, companies are now forming reserves for not only Bitcoin but also Ethereum and other cryptocurrencies, with DeFi Development planning to issue a $100 million bond to purchase SOL Coin by 2030. Overall, the growing demand for Bitcoin by public companies in recent quarters is evident. Regulatory easements and strategic decisions in the U.S. are highlighted as supportive factors of this trajectory. Many domestic and international institutions continue to develop strategies to expand their Bitcoin portfolios, ensuring that corporate growth remains prominent in the upcoming period. Readers should consider that the approach of diversifying portfolios and increasing investor interest in digital assets may have a defining impact on the future of the cryptocurrency market.

MicroStrategy has once again demonstrated unwavering confidence in Bitcoin, making a substantial $531 million acquisition as BTC prices hover above $107,000. It is an additional step that makes the company the world’s largest corporate holder of Bitcoin. Michael Saylor made headlines when his business intelligence company, MicroStrategy, unveiled its treasury Bitcoin strategy. With this latest purchase, the company now owns 597,325 BTC – meaning that it holds an estimated value of $64.35 billion worth of Bitcoin at current market prices. The mean buy price for all purchases is $70,982 per coin – a total of $21.95 billion in unrealized profits. Such sum is nothing short of jaw-dropping, and it puts MicroStrategy way ahead of any other public company with Bitcoin holdings. MicroStrategy bought 4,980 BTC between mid – and end of June, the U.S. publicly traded firm revealed in a filing with the Securities and Exchange Commission (SEC). The $531.1 million purchase was made at an average price of $106,801 per BTC — signaling the company’s readiness to buy at a historically high levels for the digital asset. This aggressive turning came as Bitcoin sentiment in the market was on the rise, with BTC seeing a recovery from ~$101,000 to well above $108,000 during the same period. There were equity offerings totaling $531 million to finance the purchase on the part of MicroStrategy, largely in the form of the sale of common stocks amounting to about $519 million, as well as preferred shares amounting to approximately $59 million. The funding approach is consistent with the five previous acquisitions the company has made, as they generally involved the company issuing new stock, not cashing in existing assets. It offers a continued expression of investor confidence in the long-term viability of Bitcoin as a digital store of value. Following the purchase of 4,980 BTC, MicroStrategy’s year-to-date acquisition of BTC has increased to 85,871 BTC — or almost $9.5 billion at current prices. For comparison, the company bought 140,538 BTC in all of 2024. That means MicroStrategy may well still be buying aggressively in 2025 and could top its annual record – provided the market conditions were right and cash were available. Strangely enough, blockchain monitors found that MicroStrategy was reportedly shifted a total of 7,383 BTC, or $796 million at the time, spread across three new wallets after the buy. Although the company hasn’t made an official statement regarding why it took this step, I guess it’s part of some kind of strategic custody rearrangement for security. Looking at the onchain data from Lookonchain, exception few buys, MicroStrategy is definitely HODL and don’t do nothing to it. The firm’s only known sale was in December 2022, when the firm sold 704 BTC temporarily to settle tax obligations, but bought back slightly more just a couple days after. This steady behavior would underscore Saylor’s narrative that bitcoin is a multi-generational asset, not a speculative trade. Michael Saylor has often emphasized that MicroStrategy’s Bitcoin strategy is not short-term. In a re-shared interview from 2020, Saylor described the company’s BTC accumulation as an investment in the future, stating: “I’m buying it for the dude that’s going to work for the dude that’s going to get hired by the guy who takes over my job in 100 years. I’m not selling it.” This philosophy has now manifested in one of the largest and most successful Bitcoin treasury strategies in history. The company’s unrealized profits speak volumes — but for Saylor, the strategy is about legacy more than balance sheets. MicroStrategy’s continued accumulation at increasing levels is a testament to the company’s long-term vision and commitment to Bitcoin as a strategic asset. The company’s aggressive buying strategy and its unwavering belief in Bitcoin’s potential have positioned it as a leader in the corporate adoption of cryptocurrency. This approach not only enhances shareholder value but also sets a precedent for other companies considering similar strategies. The broader crypto market is likely to benefit from MicroStrategy’s continued accumulation, as it reinforces the narrative of Bitcoin as a store of value and a hedge against inflation. The company’s actions serve as a beacon for other institutions looking to diversify their portfolios and tap into the growing interest in digital assets. As more companies follow MicroStrategy’s lead, the cryptocurrency market is poised for further growth and mainstream adoption. The strategic moves by MicroStrategy and other public companies highlight the shifting landscape of corporate treasury management, where Bitcoin is increasingly seen as a viable and attractive asset class. This trend is likely to continue, driven by regulatory support, institutional interest, and the long-term potential of cryptocurrencies. The growing demand for Bitcoin by public companies in recent quarters is evident, and regulatory easements and strategic decisions in the U.S. are highlighted as supportive factors of this trajectory. Many domestic and international institutions continue to develop strategies to expand their Bitcoin portfolios, ensuring that corporate growth remains prominent in the upcoming period. Readers should consider that the approach of diversifying portfolios and increasing investor interest in digital assets may have a defining impact on the future of the cryptocurrency market.