Figma has quietly assembled a $69.5 million Bitcoin ETF position through the Bitwise Bitcoin ETF, transforming what began as a $55 million treasury diversification experiment in 2024 into one of the more conspicuous cryptocurrency bets among companies preparing for public market debuts.
Figma’s $69.5 million Bitcoin ETF gamble transforms treasury diversification into one of the boldest pre-IPO cryptocurrency bets.
The design software company’s board approved the initial Bitcoin ETF purchase shortly after regulatory approval in January 2024, demonstrating remarkably swift adoption of newly sanctioned investment vehicles. This timing suggests either prescient strategic planning or opportunistic treasury management—perhaps both, given Figma‘s subsequent commitment to expand cryptocurrency holdings by an additional $30 million through USD Coin stablecoins.
The investment trajectory reveals crypto’s characteristic volatility in microcosm: Figma’s position peaked at $78.8 million by year-end 2024 before declining to its current $69.5 million valuation by March 2025. Yet rather than retreating, management doubled down with board approval for further cryptocurrency exposure, suggesting confidence in long-term digital asset appreciation despite short-term fluctuations.
This crypto strategy emerges against a backdrop of impressive financial performance. Figma reported $228.2 million in Q1 2025 revenue—a 46% year-over-year increase—while net income surged to $44.9 million from $13.5 million in the prior year quarter. The company’s client base includes major companies like Amazon and Google among its over 1,000 enterprise customers.
With over 1,000 enterprise clients and more than half of revenue generated internationally, the company’s global exposure arguably justifies treasury diversification into borderless digital assets. The broader stablecoin market has expanded to approximately $228-$251 billion in 2025, demonstrating growing institutional confidence in digital currency infrastructure.
The cryptocurrency disclosure precedes Figma’s confidential IPO filing in April 2025, with plans to list on the New York Stock Exchange under ticker “FIG.” This timing appears deliberate—transparency about unconventional treasury holdings before public market scrutiny rather than awkward post-IPO revelations.
Figma’s crypto treasury strategy distinguishes it among IPO candidates, particularly given recent corporate adoption momentum following regulatory approval of multi-token ETFs. The company’s willingness to embrace Bitcoin volatility as “calculated risk” in treasury management reflects broader institutional acceptance of cryptocurrency as legitimate asset class diversification.
Whether this cryptocurrency positioning enhances or complicates Figma’s IPO reception remains to be seen, though the company’s strong user base of 13 million monthly active users and robust financial metrics suggest underlying business fundamentals transcend treasury allocation decisions.
