Software giant Adobe had positioned itself to acquire smaller competitor Figma in 2022 for $20 billion. But that move was struck down by the UK’s Competition and Markets Authority (CMA) in 2023. Then in April 2025, Figma quietly submitted confidential documentation to the U.S. Securities and Exchange Commission (SEC) requesting an initial public offering (IPO).

And now on Tuesday, Figma’s filing has been made public on the SEC’s website, and it reveals interesting details about the firm’s purchase of significant quantities of bitcoin ( BTC).

(Figma currently holds nearly $70M in BITB and plans to purchase $30M in spot bitcoin at a future date / sec.gov)

The company’s documentation shows that its board approved a $55 million purchase of Bitwise’s bitcoin exchange-traded fund (ETF), the Bitwise Bitcoin ETF (BITB). Figma currently holds roughly $69.5 million worth of BITB units as of March 31, 2025, according to the filing. The board also approved a subsequent $30 million spot bitcoin purchase on May 8. The cash for that specific BTC transaction is currently being held as USDC until a purchase date is selected. “The company intends to re-invest its stablecoin holdings into bitcoin at a later date,” the document explains.

Figma adds to the slew of companies rushing to set up bitcoin treasuries. The approach was pioneered by data intelligence startup turned bitcoin treasury firm Strategy (formerly Microstrategy), which at 597,325 BTC, currently owns more bitcoin than any other public firm on earth. As a result, Strategy’s stock (Nasdaq: MSTR) enjoys a 77% premium and was one of the best performing equities in 2024.

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