Figma, the design software giant, is making headlines with its strategic financial maneuvers ahead of a potential NYSE debut. The company has revealed a significant investment in Bitcoin, signaling a surprising yet calculated move to increase its exposure to the cryptocurrency. This decision comes as Figma prepares for its initial public offering, marking a new chapter after the collapse of its acquisition by Adobe.
Figma's Bold Bitcoin Bet
Figma has disclosed a substantial investment in a Bitcoin Exchange Traded Fund (ETF) managed by Bitwise. This move, approved by Figma's board of directors shortly after the fund's regulatory approval in January of last year, highlights a growing trend among companies to integrate digital assets into their balance sheets.
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Initial Investment: On March 3, 2024, Figma invested $55 million in the Bitwise Bitcoin ETF.
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Unrealized Gains: By the end of December 2024, this investment had grown to $78.8 million in unrealized gains.
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Recent Valuation: As of March 31, 2025, despite a $9.3 million decline in unrealized losses, the investment, including appreciation, stood at approximately $69.5 million.
Future Bitcoin Investments
Despite acknowledging Bitcoin's inherent volatility, Figma plans to further increase its cryptocurrency holdings. The company's IPO filing reveals pre-approved plans to invest an additional $30 million from its existing USDC stablecoin reserves.
IPO and Financial Health
Figma's journey to the NYSE follows a confidential SEC filing in April. The company's financial performance appears robust, with continued growth leading up to its public debut.
|
Metric |
2024 Revenue |
Q1 2025 Revenue |
|---|---|---|
|
Revenue (USD) |
$749 million |
$228.2 million |
|
Q1 2025 Growth |
N/A |
46% |
As of the end of March, Figma's Bitcoin holdings constituted approximately 4.5% of its total $1.54 billion in cash and securities. The planned additional investment will further increase this percentage by 2% using its USDC reserves.
Post-Adobe Acquisition Era
The IPO represents a significant turning point for Figma, especially after the termination of Adobe's planned $20 billion acquisition in December 2023 due to regulatory scrutiny. In 2024, Figma was valued at $12.5 billion through a secondary tender offer, allowing early stakeholders to cash out some shares. The company has appointed Morgan Stanley, Goldman Sachs, Allen & Company, and J.P. Morgan as joint leads for the offering.
Sources
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Figma Eyes Further Bitcoin Exposure in Run-Up to Hopeful NYSE Debut, Decrypt.
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