Design software giant Figma has filed for its initial public offering with the SEC, revealing substantial Bitcoin exposure, including $69.5 million in Bitcoin ETF holdings and an additional $30 million earmarked for future cryptocurrency investments.
The company’s S-1 filing mentions Bitcoin 21 times, while strongly highlighting crypto as a core component of its treasury strategy alongside traditional marketable securities.
Initially, Figma’s Board of Directors approved a $55 million investment in Bitwise’s Bitcoin ETF on March 3, 2024. As of March 31, 2025, the position was valued at $69.5 million.
The company subsequently authorized another $30 million Bitcoin investment on May 8, 2025, purchasing USDC as an intermediate step to stabilize the investment before converting to Bitcoin at an optimal time.
Figma will trade on the New York Stock Exchange under ticker “FIG” with Morgan Stanley, Goldman Sachs, Allen & Company, and J.P. Morgan serving as joint lead book-running managers.
The offering size and pricing remain undetermined pending market conditions and SEC approval processes.
Corporate Bitcoin Strategies Evolve Through ETF Adoption
Figma’s approach involves a hybrid strategy that combines direct Bitcoin ownership and ETF exposure.
As mentioned above, the company has invested $55 million in the Bitwise ETF. The subsequent purchase will be made with $30 million in Bitcoin, with the USDC stablecoin serving as a strategic positioning tool for optimal Bitcoin entry timing.
This methodology enables treasuries to avoid Bitcoin’s volatility while maintaining readiness for favorable purchasing opportunities.
Figma’s risk disclosures acknowledge the impact of Bitcoin ETF volatility, noting that a 10% decline in Bitcoin prices would result in a $7 million reduction in the fair value of its investment.
“A hypothetical 10% decrease in the price of the Bitcoin exchange traded fund would decrease the fair value of this investment as of March 31, 2025 by $7.0 million,” the filing said.
The company emphasizes that unrealized losses are related to Bitcoin price movements rather than credit-specific factors, thereby avoiding the recognition of expected credit losses.
Corporate Bitcoin adoption has accelerated dramatically, with 141 companies now holding 849,245 BTC, worth $91 billion at current prices of $107,144.
Source: BitcoinTreasuriesHowever, most corporations opt for direct Bitcoin ownership through treasury management rather than ETF exposure, as seen in Figma’s approach.
The design software company’s filing coincides with broader institutional adoption of Bitcoin ETFs, including UniCredit’s structured Bitcoin ETF product for Italian professional clients, which offers capital protection features.
These developments, particularly the strategic corporate accumulation of Bitcoin, indicate growing institutional interest in regulated Bitcoin exposure.
In fact, Bloomberg ETF analyst Eric Balchunas predicts spot Bitcoin ETFs could collectively hold more Bitcoin than Satoshi Nakamoto’s estimated 1.1 million BTC within one year.
If the trend persists for a year, the current ETF inflows suggest institutional accumulation may exceed individual holdings exponentially.
Regulatory Clarity Drives ETF Innovation and Adoption
The filing arrives as the SEC streamlines crypto ETF regulations through new guidance issued July 1.
The new SEC’s guideline for token-based ETFs establishes structured disclosure frameworks that benefit companies like Figma, which seek regulated exposure to cryptocurrency.
New requirements cover net asset value calculations, custody practices, service provider selection, and potential conflicts of interest for crypto ETF issuers.
The regulatory framework enables generic listing processes that could allow qualifying crypto ETPs to bypass traditional 19b-4 rule changes.
Exchanges may list crypto ETFs after 75-day reviews, significantly reducing time-to-market for new products and expanding investment options.
Notably, Grayscale’s Digital Large Cap Fund conversion to spot ETF status demonstrates regulatory progress toward multi-asset cryptocurrency funds.
The fund, which has been approved, holds Bitcoin (79.9%), Ethereum (11.3%), as well as XRP, Solana, and Cardano. This provides diversified crypto exposure through a single, regulated vehicle.
This development is not isolated to Bitcoin. Similarly, Bloomberg analysts assign 95% approval odds for Solana, Litecoin, and XRP spot ETFs to arrive in the second half of 2025, with approval for a crypto index ETF possible this week.
Over 70 cryptocurrency ETFs currently await SEC review, spanning various digital assets beyond Bitcoin.
In fact, the REX Osprey Solana Staking ETF launched on Wednesday as the first US-listed fund to incorporate crypto staking.
The ETF was approved after meeting SEC requirements, which included a 40% allocation to overseas exchange-traded products.
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