Figma Invests $69.5 Million in Bitcoin, Sees 27% Gain

Figma, a prominent design software company, has disclosed a significant investment in Bitcoin through its initial public offering (IPO) prospectus. The company holds approximately $69.5 million in the Bitwise Bitcoin ETF (BITB), as revealed in a July 1 filing. This investment is listed under level-1 marketable securities, valued at $69.533 million. The document also indicates that the board authorized a $55 million purchase on March 3, 2024, suggesting that the position has appreciated by roughly 27% since the acquisition.

In addition to its existing Bitcoin holdings, Figma has plans to further invest in the cryptocurrency. A separate note in the filing records a May 8 board resolution to purchase $30 million of USDC, a stablecoin pegged to the US dollar. This capital is earmarked for future reinvestment into Bitcoin, providing the company with a strategic reserve. By accumulating a stablecoin first, Figma can time its conversions without disrupting its operating cash flow and hedge against short-term price swings between board approval and execution.

The disclosure places Bitcoin alongside other traditional assets such as money market funds, US Treasuries, and corporate bonds in Figma’s cash management mix. The $69.5 million stake represents roughly 4% of Figma’s $1.07 billion in cash, cash equivalents, and marketable securities as of March 31. The firm did not specify the exact number of BITB shares it holds.

Figma’s IPO prospectus comes ahead of a planned listing following 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, viewing it as a strategic reserve rather than a short-term trade.

The prospectus does not set a timeline for converting the $30 million USDC tranche, although the additional allocation suggests that the company views Bitcoin as a strategic reserve. 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. The filing offers no commentary on hedging or impairment policy.