In Figma's cash management portfolio, BTC is listed alongside money market funds, U.S. Treasury bonds, and corporate bonds.
Original: Cryptoslate
Translation: Blockchain Knight
Figma's initial public offering (IPO) prospectus shows that the design software company holds approximately $69.5 million in Bitwise BTC Exchange-Traded Fund (BITB).
According to documents submitted on July 1, the relevant forms list this ETF as a level one security, valued at $69.533 million.
The documents also indicate that the company's board approved a $55 million purchase plan on March 3, 2024, meaning that since the investment was made, the position has appreciated by about 27%.
Another note recorded a resolution passed by the board on May 8 to purchase $30 million in the dollar stablecoin USDC, "for future reinvestment in BTC," providing the company with an additional pool of dollar-denominated funds specifically for future BTC accumulation.
By first accumulating stablecoins, the company can flexibly seize conversion opportunities without affecting operational cash flow and hedge against short-term price volatility risks during the period from board approval to execution.
This disclosure indicates that in Figma's cash management portfolio, BTC is listed alongside money market funds, U.S. Treasury bonds, and corporate bonds.
As of March 31, this $69.5 million investment accounted for about 4% of Figma's total cash, cash equivalents, and marketable securities of $1.07 billion. The company did not specify the number of BITB shares it holds.
Figma submitted an S-1 form, planning to go public after Adobe's $20 billion acquisition offer failed in 2023 (currently valued at $12.5 billion).
The submitted documents confirm previous reports that the company secretly filed for an IPO in April, at a time when the equity market had reopened to venture-backed software companies. Figma joins a group of operating companies that have invested part of their cash reserves in BTC.
The prospectus does not set a specific timeline for converting the $30 million USDC into BTC; however, this additional fund allocation indicates that the company views BTC as a strategic reserve rather than a short-term trading asset.
The documents did not comment on hedging or impairment policies. According to U.S. Generally Accepted Accounting Principles (US GAAP), unrealized gains on exchange-traded funds classified as securities are included in other comprehensive income, allowing net profit to remain unaffected by market value fluctuations as long as the related shares are not sold.
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