Design platform Figma has filed for an initial public offering (IPO) in the United States, revealing significant Bitcoin holdings and a newly approved crypto investment plan — signaling a broader convergence between technology, finance, and digital assets.
In its long-awaited IPO filing with the U.S. Securities and Exchange Commission (SEC), collaborative design giant Figma disclosed that it holds $69.5 million worth of spot Bitcoin ETF shares as of March 2025. This revelation positions the company not only as a leader in interface and product design software but also as an emergent institutional player in the cryptocurrency investment space.
A $30 Million Vote of Confidence in Bitcoin
Beyond its current holdings, Figma’s board has approved a $30 million Bitcoin investment plan, according to the IPO filing. Notably, the initial funding for the strategy will come from USD Coin (USDC) — a dollar-peggedstablecoin widely used in crypto trading and treasury operations. The transition from USDC to Bitcoin via spot ETFs marks a growing trend of companies using stablecoins for capital allocation flexibility before moving into long-term crypto holdings.
This investment strategy reflects not only a hedge against inflation or a store of value narrative, but also a strategic alignment with digital-native infrastructure — possibly preparing the firm for future integrations of blockchain technologies into its platform, business model, or payment systems.
Joining the Ranks of Publicly-Traded Crypto-Adopting Companies
With this IPO filing, Figma joins an expanding list of companies that have embraced crypto exposure ahead of, or shortly after, going public. This list includes:
- Coinbase (NASDAQ: COIN): The largest U.S.-based cryptocurrency exchange went public in 2021 via a direct listing and remains the poster child for crypto-aligned IPOs.
- MicroStrategy (NASDAQ: MSTR): The enterprise software company redefined itself by heavily investing in Bitcoin, turning its founder Michael Saylor into one of Bitcoin’s most vocal advocates.
- Circle: The issuer of USDC, which has filed for IPO multiple times, continues to be a foundational player in the stablecoin space.
Figma’s Bitcoin move isn’t quite as aggressive as MicroStrategy’s, but it marks a meaningful entry into the world of corporate crypto treasuries — a sign of the increasing normalization of Bitcoin among tech firms with strong balance sheets.
Why Bitcoin, Why Now?
Figma’s filing comes in the wake of historic inflows into U.S.-listed spot Bitcoin ETFs, which were approved by the SEC in January 2024 after years of anticipation. These ETFs have made it significantly easier for companies to gain regulated, transparent exposure to Bitcoin without directly holding private keys or managing custody.
Moreover, macroeconomic conditions — including high interest rates, persistent inflation concerns, and geopolitical uncertainty — have led many corporations to reevaluate their treasury strategies. Bitcoin, once considered too volatile or speculative, is now viewed by some as a diversified treasury asset that offers asymmetric upside.
Figma, backed by investors like Index Ventures and Greylock Partners, is among a new breed of firms that are not only cloud-native and product-led but also crypto-aware.
From Design-First to Crypto-Conscious
While Figma’s core business remains in digital design tools, especially for UI/UX professionals and teams, the IPO filing and Bitcoin exposure suggest a willingness to experiment with financial and technological innovation. The use of USDC to fund Bitcoin purchases shows a nuanced understanding of how stablecoins and crypto rails can offer operational advantages — even for firms not directly involved in blockchain services.
It’s a bold signal to investors and competitors: Figma is not only building the future of design collaboration but also aligning itself with the financial infrastructure of the future.
Looking Ahead
Figma’s IPO filing doesn’t yet specify its target valuation or IPO date, but market expectations remain high. The company was last valued at $10 billion in private markets after a planned acquisition by Adobe was terminated due to regulatory scrutiny.
As the company gears up to go public, its crypto strategy may attract a unique mix of investors — from traditional tech backers to digital asset enthusiasts. Whether or not Figma will expand its crypto strategy beyond passive ETF exposure remains to be seen, but its early steps suggest it is watching the space closely.
In the post-ETF world, more companies like Figma may follow suit — blending the lines between tech, finance, and crypto on the public markets