Design software company Figma has unexpectedly revealed a significant bitcoin investment in its initial public offering (IPO) filing with the U.S. Securities and Exchange Commission (SEC). According to documents made public on Tuesday, Figma’s board approved a $55 million purchase of the Bitwise Bitcoin ETF (BITB), and as of March 31, 2025, the company held approximately $69.5 million in BITB units. Additionally, the board approved a subsequent $30 million spot bitcoin purchase on May 8, with the cash currently held in USDC stablecoin pending a future purchase date.
From Failed Acquisition to Bitcoin Treasury
Figma was initially positioned to be acquired by software giant Adobe for $20 billion in 2022, but the deal was blocked by the UK’s Competition and Markets Authority (CMA) in 2023. In April 2025, Figma quietly submitted confidential documentation to the SEC for an IPO. Tuesday’s public filing reveals the firm’s move to build a bitcoin treasury. “The company intends to re-invest its stablecoin holdings into bitcoin at a later date,” the document states.
The Growing Corporate Bitcoin Treasury Trend
Figma joins a wave of companies rushing to establish bitcoin treasuries. This approach was pioneered by data intelligence startup turned bitcoin treasury firm Strategy (formerly MicroStrategy), which currently owns 597,325 BTC—more than any other public company globally. As a result, Strategy’s stock (Nasdaq: MSTR) trades at a 77% premium and was one of the best-performing equities of 2024.
Figma’s bitcoin investment signals that even non-crypto-native enterprises are viewing bitcoin as a key asset allocation tool. Market analysts believe that as more design and tech firms follow suit, corporate bitcoin treasuries will continue to expand, potentially boosting institutional adoption of bitcoin. However, Figma has not yet disclosed the timeline or valuation of its IPO; this bitcoin holding disclosure could influence investors’ pricing judgments.