Figma Holds $69.5M in Bitcoin ETF, 27% Gain Reported

Bitcoin's latest price was $, in the last 24 hours. The recent news about Bitcoin has been quite dynamic, with several key developments shaping the landscape of institutional investment and market sentiment. 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 listed corporations have overtaken exchange-traded funds in Bitcoin accumulation, according to data from BitcoinTreasuries.net. Over the past 30 days ending June 11, 2025, at least 22 companies have increased their Bitcoin reserves. Corporate treasuries' increasing Bitcoin holdings indicate a shift in institutional interest, potentially affecting market stability and price dynamics. BitcoinTreasuries.net data shows publicly listed companies now hold approximately 757,593 BTC. Strategy, led by CEO Michael Saylor, has been influential in this trend, with Saylor's aggressive Bitcoin advocacy dating back to 2020. The rise in corporate Bitcoin treasuries has prompted concerns among industry experts. Geoff Kendrick, of Standard Chartered noted that this accumulation adds buying pressure but posed the risk of reversal. Fakhul Miah voiced concerns over risk management practices among smaller firms entering the Bitcoin space. These ETFs are credited with driving substantial Bitcoin price returns. Geoff Kendrick highlights liquidation risks for corporate treasuries if Bitcoin's price falls below crucial levels, notably $90,000. This development showcases the changing landscape of institutional Bitcoin exposure. Financial, regulatory, and technological outcomes foresee heightened scrutiny on corporate Bitcoin practices and potential systemic risks if the crypto market sees downturns. Industry attention remains on how these shifts will shape futures.

Corporate treasuries have overtaken exchange-traded funds (ETFs) in Bitcoin accumulation for the third consecutive quarter, marking a continued shift in institutional strategy as more public companies adopt BTC as a core treasury asset. Publicly held companies added some 131,000 coins in the second quarter of 2025 alone, according to the data provider Bitcoin Treasuries, expanding their total stash of the digital currency by 18%. ETFs also added 8%, or about 111,000 BTC, during the same period. Those institutional buyers who are beginning to get exposure to BTC through ETFs have different motivations than public companies, suggested Nick Marie, head of research at Ecoinometrics. So while the institutions focus on market exposure, the public companies buy Bitcoin to maximize shareholder value. Marie emphasized that market fluctuations or macro trends have less influence on corporate buyers. He noted that the buyers don’t care if the price is high or low—they care about growing their Bitcoin treasury, so they look more attractive to the proxy buyers. In April, a turbulent market month following President Donald Trump’s tariff announcement, the public company BTC holdings grew by 4% compared to 2% growth among ETFs. Public companies currently hold around 855,000 BTC, or 4% of Bitcoin’s fixed supply, while ETFs collectively hold more than 1.4 million BTC, accounting for 6.8% of the total supply. The ETF market saw its major boom after its US approval in January 2024, one of history’s most successful ETF rollouts. Still, Strategy—the company formerly known as MicroStrategy—remains the torchbearer of the BTC treasury movement, now holding 597,000 BTC. It continues to influence a growing group of over 140 public companies globally that have followed its playbook. The surge in corporate BTC buying has been accelerated by regulatory clarity under the Trump administration. In March, Trump signed an executive order establishing a US Bitcoin reserve, signaling federal support for the cryptocurrency and helping alleviate lingering reputational concerns. The second quarter saw new corporate entrants into the Bitcoin market. GameStop began acquiring BTC following board approval in March. On the other hand, KindlyMD merged with Bitcoin investment firm Nakamoto. ProCap, led by Anthony Pompliano, also launched a BTC acquisition program via SPAC ahead of its public listing. Despite the current momentum, some experts are skeptical of the long-term sustainability of corporate BTC treasuries. Marie warned the trend might be transitory. The more companies adopt the model, the more diluted the impact becomes. Over time, BTC may become so normalized that proxy investors won’t need to rely on these firms for exposure. Werkman noted that many investors are betting on leveraged Bitcoin equities as a way to outperform the digital asset itself, due to corporate access to capital markets and their ability to issue shares to finance further BTC accumulation. Werkman added that companies like Strategy will also convert treasury assets to BTC without using leverage. He says that gives them the ability to back shares with Bitcoin and company performance—a rare combination. As more companies weigh the risks and benefits of holding BTC on their balance sheets, the race to replicate Strategy’s success story appears far from over, especially in a regulatory climate warmer to crypto than ever before.

The company reported a 7.8% yield for the period, pushing its total Bitcoin stash to 597,325 BTC. The latest figures were shared by Saylor on X, following an earlier announcement that Strategy had bought another 4,980 BTC worth over $500 million. Year-to-date, the firm’s Bitcoin yield stands at 19.7%, reflecting its aggressive accumulation strategy. Earlier this month, Strategy made headlines after acquiring 10,100 BTC in a $1 billion deal. Onchain activity tracked by Lookonchain also showed a significant wallet transfer of 7,383 BTC, further highlighting Strategy’s active treasury management.