Figma Invests $69.5 Million in Bitcoin ETF Ahead of IPO

Figma Inc., a prominent design software company, has revealed a substantial investment in Bitcoin through its initial public offering (IPO) prospectus. The company holds approximately $69.5 million in the Bitwise Bitcoin ETF, which represents roughly 4% of Figma’s total cash, cash equivalents, and marketable securities, amounting to $1.07 billion as of March 31. This investment underscores Figma's strategic shift towards integrating cryptocurrency into its asset management.

Figma's board authorized a $55 million purchase on March 3, 2024, indicating that the position has appreciated by about 27% since the acquisition. Additionally, a separate note records a May 8 board resolution to purchase $30 million of USDC, a stablecoin, for future reinvestment into Bitcoin. This strategic move allows Figma to time conversions without disrupting its operating cash and to hedge against short-term price swings between board approval and execution.

By accumulating a stablecoin first, Figma can manage its cash more effectively, placing Bitcoin alongside money market funds, US Treasuries, and corporate bonds in its cash management mix. The $30 million USDC tranche suggests that the company views Bitcoin as a strategic reserve rather than a short-term trade, although the prospectus does not set a timeline for converting this tranche.

The disclosure comes ahead of Figma’s planned listing, which follows the collapse of Adobe’s takeover attempt in 2023. 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, reflecting a broader trend in corporate investment strategies.

Figma's move highlights a growing trend of tech companies integrating cryptocurrency into asset management, potentially influencing broader adoption in corporate treasuries. The investment is expected to impact the Bitcoin market by increasing ETF assets under management. Figma's actions reflect a broader interest among tech firms in diversifying assets through crypto.

From a financial perspective, this move positions Figma at the forefront of innovation in crypto exposure strategies. Its impact on potential IPO investors centers around seeking cryptocurrency market benefits. Dylan Field, CEO of Figma, stated: "On May 8, 2025, the Board of Directors approved an investment of $30.0 million in Bitcoin... The Company intends to re-invest its stablecoin holdings into Bitcoin at a later date."

The strategy hints at possible regulatory evaluations of corporate crypto asset holdings in the future. Figma's approach, pending planned execution, might set precedence for tech IPOs. Corporate adaptation to digital assets follows historical trends seen with MicroStrategy and Tesla. Figma's association with a regulated ETF aligns their exposure with market credibility and investor security.

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. This approach allows Figma to manage its Bitcoin holdings without immediate impact on its financial statements, providing a stable foundation for future growth and investment.