Figma, a design software company, filed for an IPO on July 1, 2025, to list on the NYSE under the ticker “FIG.” Its S-1 filing reveals a $69.5 million investment in the Bitwise Bitcoin ETF (BITB), made on March 3, 2024, with a 26-27% unrealized gain, bringing the value to approximately $70 million as of March 31, 2025. This represents about 4-5% of Figma’s $1.54 billion in cash and securities.
The board also approved a $30 million Bitcoin purchase on May 8, 2025, for which Figma acquired $30 million in USDC stablecoin, planning to convert it to Bitcoin later to manage volatility. This $100 million total crypto allocation signals Figma’s strategic embrace of Bitcoin as a treasury asset, aligning with firms like MicroStrategy and Metaplanet in a growing trend of corporate crypto adoption.
Figma’s allocation of ~6.5% of its $1.54 billion cash and securities to Bitcoin-related assets positions it as a hedge against inflation and currency devaluation, especially in a volatile economic environment. Bitcoin’s historical performance (e.g., ~26-27% unrealized gain on Figma’s BITB investment) supports this strategy. Bitcoin’s volatility (e.g., 50%+ price swings in past years) could lead to significant losses, impacting financial stability and investor confidence pre-IPO.
The use of USDC to delay Bitcoin conversion shows caution but doesn’t eliminate market risk. Figma’s Bitcoin exposure may attract crypto-savvy investors, particularly younger or tech-focused funds, aligning with the narrative of innovation. It mirrors moves by MicroStrategy ($14.6 billion in Bitcoin as of Q3 2024) and Tesla (2021 Bitcoin purchase), which boosted stock interest among certain demographics.
Traditional investors, wary of crypto’s regulatory uncertainty and volatility, may view this as reckless, potentially lowering IPO valuation or demand. Figma’s S-1 notes the investment is a small portion of assets, likely to mitigate such concerns. Figma joins a growing list of public companies (e.g., Metaplanet, Semler Scientific) adopting Bitcoin as a treasury asset, potentially normalizing crypto in corporate finance. This could inspire other tech firms to follow, especially post-IPO if Figma’s stock performs well.
If Bitcoin’s price crashes or regulatory crackdowns intensify (e.g., SEC scrutiny of crypto ETFs), Figma could face reputational and financial backlash, deterring others. Holding Bitcoin via ETFs (BITB) offers a regulated, liquid vehicle, reducing direct custody risks. Figma’s use of USDC for the $30 million allocation shows compliance awareness, as stablecoins are less volatile and easier to account for. Evolving U.S. regulations (e.g., potential SEC classification of Bitcoin as a security) or tax changes could complicate Figma’s strategy.
Impairment losses on Bitcoin holdings, as seen with MicroStrategy in 2022, could hit financial statements. Hedge funds, crypto-native VCs, and retail investors see this as a forward-thinking move, aligning with Bitcoin’s narrative as “digital gold.” Posts on X highlight excitement, with some calling it “a signal of confidence in BTC’s long-term value.” Institutional investors (e.g., pension funds, mutual funds) may balk at the risk. A 2024 BlackRock survey showed 60% of institutional investors avoid crypto due to volatility and regulatory concerns.
Tech talent, especially in design and crypto communities, may view this as a bold, innovative stance, enhancing Figma’s appeal as an employer. San Francisco’s tech culture, where Figma is based, often embraces crypto experimentation. Employees reliant on stock-based compensation may worry about volatility impacting Figma’s valuation, especially if Bitcoin’s price drops significantly pre- or post-IPO.
Figma’s core users (designers, tech firms) are unlikely to be directly affected, but some may see the move as aligning with tech’s cutting-edge ethos, strengthening brand loyalty. Corporate clients, especially in regulated industries like finance, may question Figma’s financial prudence, potentially affecting B2B relationships. On X CryptoBull2025 praised Figma’s move, arguing it validates Bitcoin’s role in corporate treasuries.
Analysts on platforms like Bloomberg argue Figma’s focus should be on operational cash flow, not speculative assets. They point to MicroStrategy’s stock volatility (down 20% in Q1 2023 during a Bitcoin dip) as a cautionary tale. Figma’s move comes amid a 2025 crypto market resurgence, with Bitcoin trading at ~$70,000 (per web data) after a 2024 bull run. The approval of Bitcoin ETFs in 2023 has made institutional adoption easier, with $10 billion in ETF inflows in 2024 alone (CoinShares data).
However, regulatory uncertainty persists, with the SEC’s 2025 agenda hinting at tighter crypto rules. Figma’s cautious approach (ETFs, USDC buffer) mitigates some risks but doesn’t eliminate the divide between crypto optimists and skeptics. Figma’s Bitcoin strategy could enhance its IPO appeal among crypto-friendly investors and solidify its innovative brand, but it risks alienating conservative stakeholders and exposing the company to financial volatility.