Figma's Bold Move: $70M Bitcoin ETF Holdings Revealed in IPO Filing – A Crypto Analyst's Take

Figma’s Crypto Play: More Than Just Design Software

When design platform Figma dropped its S-1 filing this week ahead of its NYSE debut (ticker: FIG), Wall Street analysts immediately zeroed in on the 46% revenue growth. But as someone who’s tracked corporate crypto adoption since MicroStrategy made its first move, my eyes locked onto Page 142: $69.53 million in Bitwise Bitcoin ETF (BITB) holdings - about 4% of their cash reserves.

The Numbers Behind the Strategy

• Initial investment: \(55 million (now worth ~\)70M)
• Unrealized gain: 26% in less than a year
• Planned additional allocation: $30M USDC

This isn’t some token side bet - it’s a deliberate treasury strategy that puts Figma in league with Michael Saylor’s playbook. What fascinates me isn’t just the size of the position, but the timing. They initiated this during the SEC’s approval window for spot Bitcoin ETFs - showing institutional-grade timing.

Post-Adobe Independence Pays Off

Remember when regulators blocked Adobe’s \(20B acquisition? Turns out that might have been Figma's best-case scenario. Their 2024 employee buyback valued them at \)12.5B, but with:

• Q1 2025 revenue: $228M (+46% YoY)
• Net income swing: From loss to $44.88M profit
• Full-year 2024 revenue: $749M (+48%)

…that valuation could double by IPO day. CEO Dylan Field maintains 75% voting control through special shares - expect aggressive M&A with that war chest.

Why Corporate Bitcoin Makes Sense Now

As someone who advises Fortune 500s on crypto strategies, I see three smart moves here:

1. Inflation Hedge: With 48% revenue growth, parking cash in hard-capped assets beats Treasury bills
2. Signaling: Positions Figma as innovator beyond design tools
3. Optionality: Liquid ETF format allows rebalancing if needed (unlike MicroStrategy’s direct holdings)

The kicker? Their BITB position already outperformed most traditional investments in their portfolio. When Circle goes public and more firms follow suit, we’ll look back at Figma’s filing as a watershed moment for corporate crypto adoption.