In what might be charitably called either prescient treasury management or corporate FOMO dressed in fiduciary clothing, Figma has disclosed a $70 million stake in Bitcoin ETFs within its IPO filing—a sum that represents roughly 4% of the design platform’s $1.07 billion in liquid reserves and marks one of the more substantial cryptocurrency allocations by a tech company preparing to go public.
The investment, primarily channeled through the Bitwise Bitcoin ETF (BITB), has already demonstrated the volatility that makes Bitcoin either a treasury manager’s dream or nightmare, depending on one’s perspective. What began as a $55 million investment in March has appreciated to $70 million by the filing date—a tidy 27% return that certainly validates whatever PowerPoint presentation convinced Figma’s board to embrace digital assets alongside their more prosaic Treasury bills and corporate bonds.
Perhaps more telling is the company’s appetite for additional exposure. The board approved another $30 million Bitcoin purchase in May 2025, bringing total cryptocurrency allocation to $100 million. This subsequent investment employs USDC stablecoin as an intermediary—a decision that suggests either sophisticated timing strategies or an acknowledgment that direct Bitcoin purchases require more market timing finesse than most CFOs possess.
Figma’s approach reflects the broader evolution of corporate treasury management, where traditional asset allocation models increasingly accommodate digital assets. The company’s decision to pursue ETF exposure rather than direct Bitcoin holdings demonstrates a preference for regulated investment vehicles over the Wild West of cryptocurrency custody—a choice that likely resonates with institutional investors already nervous about backing a design software company venturing into digital asset speculation.
The timing proves particularly significant, with Figma moving swiftly after U.S. regulatory approval of spot Bitcoin ETFs. This regulatory backdrop provides the legitimacy that allows corporate treasurers to present Bitcoin investments as prudent diversification rather than speculative gambling. As major cryptocurrency platforms like Coinbase continue to expand their derivatives offerings with dozens of new perpetual futures listings, the institutional infrastructure supporting corporate digital asset strategies grows increasingly sophisticated.
Whether this $100 million bet ultimately represents strategic brilliance or expensive education remains to be seen, but Figma has certainly positioned itself at the forefront of corporate cryptocurrency adoption—for better or worse.
