The treasury revolution sweeping Silicon Valley has claimed another convert, with design platform Figma disclosing approximately $70 million in spot Bitcoin ETF holdings as part of its SEC filing for a planned NYSE debut under the ticker “FIG.” The revelation, buried within the company’s S-1 documentation released in early July, positions the collaborative design darling alongside a growing cohort of tech firms treating cryptocurrency as a legitimate treasury instrument rather than speculative gambling chips.
What makes Figma’s crypto commitment particularly remarkable isn’t merely the initial $70 million allocation—though that figure alone represents a substantial departure from traditional cash-and-bonds conservatism—but rather the board’s subsequent May 8th approval of an additional $30 million Bitcoin purchase. This secondary investment, executed through USDC stablecoin conversion, pushes Figma’s total Bitcoin exposure toward $100 million, a sum that would have triggered boardroom interventions just five years ago.
The timing proves especially intriguing given Figma’s robust operational performance. With Q1 2025 revenue climbing 46% year-over-year to $228.2 million and net income surging from $13.5 million to $44.9 million, the company hardly needs alternative assets to shore up deteriorating fundamentals. Instead, this appears to be classic “house money” syndrome—profitable firms deploying excess capital into inflation hedges while maintaining traditional liquidity buffers.
Figma’s approach demonstrates particular sophistication through its Bitcoin ETF selection rather than direct cryptocurrency custody. This structure provides institutional-grade exposure without the operational headaches of private key management or regulatory uncertainty surrounding direct holdings. The stablecoin-to-Bitcoin conversion mechanism for the additional $30 million purchase further illustrates the company’s methodical approach to digital asset deployment.
For IPO investors, Figma’s crypto holdings present both opportunity and complexity. The Bitcoin allocation signals management’s confidence in long-term value preservation while potentially introducing volatility concerns for risk-averse shareholders. With over 450,000 customers spanning major technology brands, Figma’s core business remains solidly grounded in recurring SaaS revenue—making the Bitcoin position more strategic enhancement than desperate pivot.
Whether this treasury innovation proves prescient or premature will largely depend on Bitcoin’s performance trajectory and regulatory evolution, but Figma’s measured approach suggests calculated conviction rather than speculative enthusiasm. This move aligns with the broader industry shift where cryptocurrency adoption is increasingly driven by institutional adoption and technological advancements rather than pure speculation.
