XRP News Today: Figma Files IPO with $69.5 Million Bitcoin Exposure

Design software giant Figma has filed for its initial public offering with the SEC, revealing substantial Bitcoin exposure. The company holds $69.5 million in Bitcoin ETF investments and has authorized an additional $30 million for future cryptocurrency investments. This disclosure underscores Figma's strategic approach to integrating Bitcoin into its treasury management, highlighting the growing trend of corporate adoption of digital assets.

Figma's Board of Directors initially approved a $55 million investment in Bitwise’s Bitcoin ETF on March 3, 2024. By March 31, 2025, this position had appreciated to $69.5 million. Subsequently, on May 8, 2025, the company authorized another $30 million for Bitcoin investment, purchasing USDC as an intermediate step to stabilize the investment before converting to Bitcoin at an optimal time. This hybrid strategy allows Figma to navigate Bitcoin's volatility while maintaining readiness for favorable purchasing opportunities.

The company will trade on the New York Stock Exchange under the ticker “FIG,” with Morgan Stanley, Goldman Sachs, Allen & Company, and J.P. Morgan serving as joint lead book-running managers. The offering size and pricing remain undetermined pending market conditions and SEC approval processes. Figma's approach to Bitcoin investment involves a combination of direct ownership and ETF exposure, reflecting a broader trend of institutional adoption of regulated Bitcoin products.

Figma's risk disclosures acknowledge the potential impact of Bitcoin ETF volatility on its investment. A hypothetical 10% decrease in Bitcoin prices would result in a $7 million reduction in the fair value of its investment. The company emphasizes that unrealized losses are related to Bitcoin price movements rather than credit-specific factors, thereby avoiding the recognition of expected credit losses. This strategic positioning allows Figma to maintain a balanced approach to cryptocurrency investment while mitigating risks associated with market volatility.

Corporate Bitcoin adoption has accelerated dramatically, with 141 companies now holding 849,245 BTC, valued at $91 billion at current prices. Most corporations opt for direct Bitcoin ownership through treasury management rather than ETF exposure. Figma's filing coincides with broader institutional adoption of Bitcoin ETFs, including UniCredit’s structured Bitcoin ETF product for Italian professional clients, which offers capital protection features. These developments indicate growing institutional interest in regulated Bitcoin exposure.

The filing arrives as the SEC streamlines crypto ETF regulations through new guidance issued. The new guideline for token-based ETFs establishes structured disclosure frameworks that benefit companies like Figma, which seek regulated exposure to cryptocurrency. New requirements cover net asset value calculations, custody practices, service provider selection, and potential conflicts of interest for crypto ETF issuers. The regulatory framework enables generic listing processes that could allow qualifying crypto ETPs to bypass traditional 19b-4 rule changes, significantly reducing time-to-market for new products and expanding investment options.

Notably, Grayscale’s Digital Large Cap Fund conversion to spot ETF status demonstrates regulatory progress toward multi-asset cryptocurrency funds. The fund, which has been approved, holds Bitcoin (79.9%), Ethereum (11.3%), as well as XRP, Solana, and Cardano. This provides diversified crypto exposure through a single, regulated vehicle. This development is not isolated to Bitcoin. Similarly, analysts assign 95% approval odds for Solana, Litecoin, and XRP spot ETFs to arrive in the second half of 2025, with approval for a crypto index ETF possible. Over 70 cryptocurrency ETFs currently await SEC review, spanning various digital assets beyond Bitcoin. In fact, the REX Osprey Solana Staking ETF launched as the first US-listed fund to incorporate crypto staking, approved after meeting SEC requirements, which included a 40% allocation to overseas exchange-traded products.