Design software powerhouse Figma has taken a surprising step by investing heavily in Bitcoin, as revealed in its recent filing to go public on the New York Stock Exchange under the ticker “FIG.” The San Francisco-based firm disclosed a $55 million investment in a Bitcoin ETF managed by Bitwise, marking a significant move as it prepares for its anticipated market debut.
The announcement comes more than a year after Adobe’s failed attempt to acquire Figma, a deal that collapsed under regulatory scrutiny. In its IPO filing, Figma detailed that its board of directors approved the Bitcoin investment shortly after the Bitwise Bitcoin ETF received regulatory approval in January of the previous year.
Figma’s Strategic Bitcoin Investment
On March 3, 2024, Figma’s board sanctioned an investment of $55 million in the ETF, which saw substantial growth, reaching $78.8 million in unrealized gains by the end of December. However, by March 31, 2025, the investment experienced a decline, resulting in unrealized losses of approximately $9.3 million, bringing the total value to around $69.5 million.
Despite acknowledging the inherent volatility of Bitcoin, Figma plans to increase its exposure. The company has pre-approved an additional $30 million investment using its USDC stablecoin reserves, as noted in the IPO documentation.
“The Company intends to reinvest its stablecoin holdings into Bitcoin at a later date,” Figma stated in its filing.
Industry Reactions and Financial Overview
The decision has raised eyebrows within the industry, as Figma has not been previously associated with digital asset investments. The company declined to comment further when approached by Decrypt. Notably, Morgan Stanley, Goldman Sachs, Allen & Company, and J.P. Morgan are set to act as joint leads for Figma’s public offering.
Founded in 2012, Figma has evolved from a browser-based design tool into a robust platform widely used by cross-functional product teams. Its IPO plans were initiated with a confidential SEC filing in April, and the company is now poised to meet the rigorous demands of a public listing.
Financially, Figma reported $749 million in revenue for 2024, with a notable 46% increase in the first quarter of 2025, reaching $228.2 million compared to the same period in the previous year. Bitcoin holdings accounted for approximately 4.5% of Figma’s total $1.54 billion in cash and securities as of March’s end, a figure set to grow by an additional 2% through its USDC reserves.
Implications and Future Prospects
Figma’s foray into Bitcoin aligns it with a growing number of companies integrating digital assets into their financial strategies. This move could potentially offer a hedge against inflation and diversify its asset base, although it also introduces additional financial risk due to Bitcoin’s notorious volatility.
The IPO represents a pivotal moment for Figma, especially following the collapse of its $20 billion acquisition deal with Adobe. That transaction was terminated in December 2023 after facing regulatory challenges in both the EU and the U.K. In 2024, Figma was valued at $12.5 billion through a secondary tender offer, allowing early stakeholders to partially cash out.
By the Numbers: Figma’s Bitcoin Investment
- Initial Investment: $55 million
- Peak Value: $78.8 million
- Current Value: $69.5 million
- Planned Additional Investment: $30 million
As Figma prepares for its public debut, the company’s strategic decisions, including its Bitcoin investment, will be closely watched by investors and industry analysts alike. The success of its IPO could set a precedent for other tech companies considering similar moves.
Looking ahead, Figma’s ability to navigate the public market while managing its digital asset investments will be crucial in maintaining its growth trajectory and reinforcing its position in the competitive design software landscape.
