Design software giant Figma announces IPO: filing reveals nearly $70 million in Bitcoin ETF holdings
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Design software giant Figma announces IPO: filing reveals nearly $70 million in Bitcoin ETF holdings
Figma is also a Bitcoin fan.
Navigating Web3 tides with focused insightsDesign software company Figma has officially launched its IPO process, set to list on the New York Stock Exchange under the ticker symbol "FIG."
The S-1 filing not only reveals strong operational growth but also discloses for the first time the company's financial strategy of holding nearly $70 million in Bitcoin ETFs. Figma plans to allocate an additional $30 million in USDC to further increase its Bitcoin holdings, reflecting its proactive embrace of crypto assets.
Figma Announces IPO: Aiming to Surpass Adobe’s $20 Billion Valuation
One and a half years after the collapse of Adobe’s proposed $20 billion acquisition deal, Figma yesterday announced it is moving forward with an IPO in the U.S. According to the latest S-1 filing, Figma has not yet disclosed expected fundraising amounts or valuation ranges. However, market sentiment remains optimistic that the company could surpass the valuation offered by Adobe.
The original acquisition fell through primarily due to antitrust concerns raised by regulatory authorities in the U.S. and UK. Now, Figma’s decision to go public marks a clear step out from the shadow of that failed merger. In a 2024 employee share buyback program, the company was valued at approximately $12.5 billion. With rising momentum in AI and the IPO market, investors are hopeful that Figma can exceed this figure upon listing.
Strong Revenue Performance and Aggressive AI Investment
Figma’s financial performance has also drawn significant attention. After reporting a loss in 2024, the company achieved a net income of $44.88 million in the first quarter of 2025, with quarterly revenue reaching $228 million—an annual growth rate of 46%. For the full year of 2024, total revenue reached $749 million, up 48% year-on-year, underscoring the robust momentum of its subscription-based business model.
In his letter to investors, Figma CEO Dylan Field emphasized: "AI is central to the future of design workflows. We will continue to make heavy investments—even if they reduce short-term efficiency—because this is essential long-term positioning." This aligns with the over 200 mentions of AI-related terms in the S-1 filing, signaling bold ambitions.
Currently, Figma serves over 1,000 enterprise customers paying more than $100,000 annually, as well as over 11,000 mid-sized clients contributing over $10,000 per year. Financial data shows that more than half of its revenue comes from outside the United States, and the company plans to further expand internationally and pursue strategic acquisitions.
Figma Is Also a Bitcoin Advocate: Holds Nearly $70 Million in Spot Bitcoin ETFs
Beyond solid operational performance, Figma stands out with a distinctive financial strategy. The filing reveals that the company holds approximately $69.53 million worth of Bitcoin through the Bitwise Bitcoin ETF (BITB), initially investing $55 million and achieving roughly 26% gains so far.
Notably, Figma’s board authorized the purchase of $30 million in USDC earlier this year, enabling flexible conversion into Bitcoin when needed—maintaining liquidity and strategic flexibility. This indicates that Figma does not view Bitcoin as a speculative asset, but rather as a core component of its long-term cash and capital management strategy.
This position accounts for about 4% of Figma’s current $1.07 billion in cash and securities, demonstrating a strategic endorsement of Bitcoin and placing the company alongside firms like MicroStrategy in treating Bitcoin as corporate treasury reserves—one of the leading startups championing this approach.
Founders Retain Control: Aggressive Expansion Through Acquisitions
Dylan Field stated that going public now will enhance brand visibility and provide capital momentum, while also allowing users and the community to become part of the company. Through a dual-class share structure, he will retain over 75% of voting power, ensuring continued control over Figma’s direction. He emphasized that the company will aggressively expand through acquisitions and integrations.
Additionally, Figma Ventures, the company’s internal venture arm, has already invested in 18 projects, showcasing a comprehensive strategy spanning product development and capital deployment. With the prospectus now public, Figma joins other top-tier startups like Circle in the 2025 IPO wave, sending shockwaves through the capital markets.
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