Design software giant Figma revealed Tuesday it has been holding onto a multi-million-dollar Bitcoin investment for more than a year, marking a surprising move for the San Francisco-based firm as it seeks a public debut on the New York Stock Exchange.
Alongside the company’s listing plans, the filing revealed how Figma’s board of directors approved an investment in the Bitwise Bitcoin ETF shortly after regulators had approved the fund in January of last year.
On March 3, 2024, Figma’s board approved an investment totaling $55 million in the ETF, which had ballooned to $78.8 million in unrealized gains by the end of December last year.
That was followed by a decline of approximately $9.3 million in unrealized losses by March 31 of this year, resulting in the company’s initial investment plus appreciation hovering near $69.5 million, per its IPO filing dated July 1.
Despite Figma acknowledging Bitcoin’s volatility, the software giant now intends to buy more. The filing also revealed that its board has pre-approved plans to invest another $30 million using its existing USDC stablecoins on hand, which it also holds on its balance sheet.
“The Company intends to reinvest its stablecoin holdings into Bitcoin at a later date,” Figma wrote.
Still, the move comes as a surprise to many within the industry. The company has not previously been known for participating in digital asset markets, and declined a request for comment by Decrypt.
According to Figma, Morgan Stanley, Goldman Sachs, Allen & Company, and J.P. Morgan will act as joint leads for the offering.
Founded in 2012, Figma began as a browser-based interface design tool and has grown into a widely used platform for cross-functional product teams. Its IPO plans were first set in motion with a confidential SEC filing in April.
It's now hoping its business is robust enough to survive the rigorous assessment and strict requirements needed to go public—the good news is that Figma’s financials showed continued growth heading into its NYSE debut.
The company reported $ 749 million in revenue for 2024. For the first quarter of 2025, revenue increased to $228.2 million, a 46% rise from the same period in 2024.
Its Bitcoin holdings, meanwhile, accounted for roughly 4.5% of its total $1.54 billion in cash and securities as of the end of March—a move that it intends to grow by a further 2% using its USDC reserves.
The decision to invest in a Bitcoin ETF positions Figma among a growing list of private and public companies adding Bitcoin to their balance sheets.
The IPO, meanwhile, represents a new chapter for Figma following the collapse of its planned $20 billion acquisition by Adobe. That deal was called off in December 2023 after facing regulatory scrutiny in the EU and the U.K.
In 2024, Figma was valued at $12.5 billion through a secondary tender offer that allowed early stakeholders to partially cash out their shares.
Edited by Sebastian Sinclair
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