In a move that would make even the most crypto-curious CFO raise an eyebrow, Figma has disclosed a $70 million position in Bitcoin ETFs as part of its IPO filing—a figure that represents roughly the GDP of a small Pacific island nation, now tethered to the whims of digital asset volatility.
The design platform’s July 1, 2025 S-1 filing revealed Bitcoin ETF holdings valued at approximately $69.5 million as of March 31, marking yet another tech company’s leap into the digital asset waters. What distinguishes Figma’s approach, however, is the board’s simultaneous approval of an additional $30 million Bitcoin purchase to be executed via USDC, bringing total crypto exposure to a neat $100 million round number that suggests either careful planning or convenient mathematical aesthetics.
This dual-pronged strategy reflects a nuanced understanding of crypto exposure mechanisms. The initial ETF investment provides regulated market access with inherent liquidity advantages, while the planned direct Bitcoin acquisition through stablecoin channels represents authentic on-chain exposure—the difference between owning a beach house and owning a photograph of one, albeit with considerably more regulatory oversight in the former case.
Figma’s treasury diversification gambit positions the company within an increasingly crowded field of institutional Bitcoin adopters, though timing their IPO announcement alongside crypto disclosures suggests strategic marketing acumen. Whether investors will view this $100 million allocation as visionary treasury management or expensive market speculation remains an open question, particularly given Bitcoin’s propensity for dramatic price swings that can reshape balance sheets overnight.
The hybrid approach—ETFs plus direct acquisition—demonstrates sophisticated risk management, balancing regulatory compliance with authentic asset exposure. This strategy acknowledges that while Bitcoin ETFs offer traditional market infrastructure benefits, direct Bitcoin ownership provides unmediated exposure to the underlying asset’s performance characteristics.
For prospective IPO investors, Figma’s crypto holdings present both opportunity and complexity. The allocation may attract digital asset enthusiasts while potentially concerning risk-averse institutional investors. Ultimately, this bold treasury strategy transforms Figma’s public offering into something of a dual bet: wagering on both the company’s design platform fundamentals and cryptocurrency’s long-term institutional acceptance—a combination that would have seemed fantastical mere years ago.
With Bitcoin’s market dominance continuing to grow as its market cap surpassed $1.7 trillion, Figma’s timing aligns with the asset’s established position in the cryptocurrency ecosystem, though the inherent volatility remains a defining characteristic of their substantial digital asset exposure.
