Figma's IPO Prospectus Reveals $125 Billion Valuation and $69.5 Million in Bitcoin ETF Holdings
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Figma's IPO Prospectus Reveals $125 Billion Valuation and $69.5 Million in Bitcoin ETF Holdings
In Figma's cash management portfolio, BTC is listed alongside money market funds, U.S. Treasuries, and corporate bonds.
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Compiled by: Blockchain Knight
Figma's IPO prospectus reveals that the design software company holds approximately $69.5 million in the Bitwise Bitcoin ETF (BITB).
According to documents filed on July 1, the form lists the ETF as a Level 1 marketable security with a value of $69.533 million.
The filing also notes that the company’s board approved a $55 million purchase plan on March 3, 2024, indicating that the investment has appreciated by roughly 27% since acquisition.
Another footnote records a board resolution passed on May 8 to purchase $30 million worth of the dollar-pegged stablecoin USDC "for future reinvestment into BTC," providing the company with an additional pool of dollar-denominated capital specifically earmarked for future BTC accumulation.
By first accumulating stablecoins, the company gains flexibility in timing its conversion while hedging against short-term price volatility between board approval and execution, without disrupting operating cash flows.
This disclosure indicates that within Figma’s cash management portfolio, BTC is positioned alongside money market funds, U.S. Treasuries, and corporate bonds.
As of March 31, this $69.5 million investment represented about 4% of Figma’s total cash, cash equivalents, and marketable securities of $1.07 billion. The company did not disclose the number of BITB shares it holds.
Figma filed its S-1 form, planning to go public following the collapse of Adobe’s $20 billion acquisition offer in 2023 (current valuation: $12.5 billion).
The filing confirms earlier reports that the company had secretly submitted its IPO application in April, amid renewed openness in equity markets toward venture-backed software firms. Figma now joins a growing list of operating companies allocating part of their treasury reserves to BTC.
The prospectus does not specify a timeline for converting the $30 million USDC into BTC, but the allocation itself signals that the company views BTC as a strategic reserve asset rather than a short-term trading instrument.
The document offers no commentary on hedging or impairment policies. Under U.S. GAAP, unrealized gains on exchange-traded funds classified as securities are recorded in other comprehensive income, shielding net income from mark-to-market fluctuations unless shares are sold.
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