In a strategic financial maneuver ahead of its upcoming IPO, design software leader Figma has revealed a significant allocation to digital assets—$70 million invested in the Bitwise Bitcoin ETF (BITB) and an additional $30 million in USDC earmarked for direct Bitcoin purchases. This bold step not only underscores a growing corporate trend of integrating Bitcoin into treasury reserves but also positions Figma as a forward-thinking player in the evolving landscape of corporate finance.
A Strategic Entry into Bitcoin via ETF
Figma’s journey into Bitcoin began in March 2024 when its board approved an initial investment of $55 million into the Bitwise Bitcoin ETF (BITB). By March 31, 2025, the value of this holding had appreciated to approximately $69.5 million—an increase of nearly 27%. This early move demonstrates Figma’s confidence in Bitcoin as a long-term store of value and a hedge against inflation.
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The choice of an ETF rather than direct Bitcoin ownership reflects a cautious yet progressive approach. ETFs offer regulatory compliance, ease of accounting, and integration into traditional financial reporting frameworks—key considerations for a company preparing for public markets. The BITB exposure allows Figma to gain Bitcoin price exposure without the operational complexities of self-custody.
Expanding Exposure: $30 Million Reserved for Direct BTC Acquisition
Beyond ETFs, Figma has allocated $30 million in USDC—a stablecoin pegged to the U.S. dollar—with the explicit intent to purchase physical Bitcoin when market conditions are favorable. This dual-pronged strategy combines immediate market access (via ETF) with future flexibility (via direct BTC acquisition), enabling the company to optimize entry points.
This reserved capital signals a long-term commitment to Bitcoin accumulation. Unlike speculative trading, Figma’s approach aligns with the “buy-and-hold” philosophy adopted by corporate giants like MicroStrategy and Tesla. If executed, this plan could bring Figma’s total Bitcoin-related holdings close to $100 million.
Financial Impact: 4% of Cash Reserves Now in Digital Assets
As of Q1 2025, Figma held approximately $10.7 billion in cash and marketable securities. The $69.5 million Bitcoin ETF position represents about 4% of its total cash reserves—a figure notably higher than the industry average, where most tech firms maintain less than 1% in alternative assets.
While the investment has incurred an unrealized loss of $9.3 million due to market fluctuations, this amount is recorded under Other Comprehensive Income (OCI) and does not impact net income. This accounting treatment preserves profitability metrics crucial for investor confidence during the IPO phase.
Figma reported $63.7 million in interest income in 2024 and $15.5 million in Q1 2025—indicating that yield from cash holdings remains strong. The volatility of Bitcoin’s price has so far had minimal effect on overall cash flow, supporting management’s argument that digital asset allocation complements rather than disrupts financial stability.
Strategic Rationale: Why Bitcoin Now?
Several factors explain Figma’s timing and scale:
- Institutional Adoption Momentum: With Bitcoin ETFs now approved and widely available, corporations have a compliant pathway to gain exposure.
- Macroeconomic Hedge: Amid concerns over inflation and currency devaluation, Bitcoin is increasingly viewed as "digital gold."
- IPO Narrative Enhancement: A forward-looking treasury strategy can attract growth-oriented investors seeking innovation beyond product offerings.
- Balance Sheet Diversification: Over-reliance on low-yield cash or traditional securities exposes companies to opportunity cost; Bitcoin offers asymmetric upside potential.
If Bitcoin’s price continues its upward trajectory, Figma’s early move could significantly enhance shareholder value. Conversely, even in downturns, the relatively small allocation limits downside risk while preserving optionality.
Risks and Market Perception
Despite the strategic advantages, risks remain:
- Price Volatility: Should Bitcoin fall below $90,000, unrealized losses could widen, potentially affecting investor sentiment.
- Regulatory Uncertainty: While ETFs reduce compliance risk, broader crypto regulations may evolve unpredictably.
- Liquidity Considerations: Selling large ETF positions or converting BTC to cash may impact market prices during stressed conditions.
However, Figma’s measured approach—starting with an ETF and planning gradual direct purchases—demonstrates prudent risk management.
Industry Implications: A New Era of Corporate Treasury Management
Figma’s move reflects a broader shift. Companies across sectors are reevaluating cash reserve strategies in light of low bond yields and high inflation. Bitcoin’s fixed supply and decentralized nature make it an attractive alternative to traditional reserve assets.
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This trend isn’t limited to crypto-native firms. Publicly traded companies in tech, mining, and finance are increasingly allocating capital to Bitcoin, suggesting that digital asset integration may soon become standard practice among innovative enterprises.
FAQ: Understanding Figma’s Bitcoin Strategy
Q: Why did Figma choose a Bitcoin ETF instead of buying BTC directly?
A: ETFs simplify custody, auditing, and financial reporting—critical for pre-IPO companies. They also provide instant liquidity and regulatory compliance.
Q: How much of Figma’s cash is now tied to Bitcoin?
A: Approximately 4%, or $69.5 million in ETF holdings, with another $30 million reserved for future BTC purchases.
Q: Has the investment been profitable?
A: As of March 31, 2025, the ETF position showed a 27% appreciation from initial cost basis but currently carries an unrealized loss due to recent price swings.
Q: Will this affect Figma’s IPO valuation?
A: Potentially positively—investors may view this as a sign of financial innovation and long-term vision, though some may scrutinize volatility exposure.
Q: Is Figma the first tech company to do this?
A: No—MicroStrategy pioneered this strategy, but Figma’s adoption signals broader acceptance beyond dedicated crypto firms.
Q: What happens if Bitcoin price drops significantly?
A: Given the OCI accounting treatment, short-term price drops won’t impact net income. Management would likely hold unless forced by liquidity needs.
The Bigger Picture: Bitcoin as Corporate Cash
Figma’s decision may foreshadow a new norm: Bitcoin as part of core cash reserves for innovative companies. With regulatory clarity improving and financial tools maturing, more firms could follow—especially those targeting tech-savvy investors or operating in digital-first ecosystems.
The convergence of open finance infrastructure and corporate treasury innovation suggests that Bitcoin is evolving from speculative asset to institutional-grade reserve currency.
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As IPO preparations continue, Figma’s Bitcoin strategy isn’t just about returns—it’s about signaling a modern, resilient financial identity in the digital age. Whether BTC reaches new highs or consolidates, one thing is clear: the era of corporate Bitcoin adoption is accelerating.