While most design software companies content themselves with the prosaic business of helping users create prettier presentations and sleeker interfaces, Figma has apparently decided that its treasury strategy needed some digital spice—to the tune of $100 million in Bitcoin exposure.
The design platform’s IPO filing under ticker “FIG” revealed what can only be described as an ambitious crypto gambit: $69.5-$70 million already parked in Bitcoin ETFs as of Q1 2025, with board approval for an additional $30 million purchase via USDC stablecoins. This represents a notable escalation from the $55 million Bitcoin ETF position held in 2024, suggesting either remarkable conviction or a treasury team with an appetite for volatility that would make venture capitalists blush.
The timing proves particularly intriguing given Figma’s otherwise stellar financial performance. Q1 2025 revenue jumped 46% year-over-year to $228.2 million, while net income more than tripled to $44.9 million. With over 1,000 enterprise customers spending six figures annually and 13 million monthly active users, one might wonder why a company with such robust fundamentals felt compelled to diversify into digital assets. The company’s international markets generate more than half of its total revenue, providing geographic diversification that complements its crypto treasury strategy.
The strategic rationale appears twofold: positioning Figma as a hybrid tech-crypto play for IPO investors while hedging against traditional treasury instruments. The choice of Bitcoin ETFs over direct custody demonstrates prudent risk management, avoiding the operational complexities of wallet security while maintaining regulatory compliance—particularly relevant as SEC scrutiny intensifies around corporate crypto holdings.
Figma’s approach reflects broader corporate Bitcoin adoption trends, though few companies have committed such substantial percentages of their treasury to digital assets during an IPO process. The gradual acquisition strategy using USDC as an intermediary suggests management recognizes Bitcoin’s volatility while maintaining long-term conviction. The intersection of cryptocurrency dynamics with traditional stock market strategies creates new opportunities for investors seeking exposure to evolving financial landscapes.
Few companies dare such aggressive crypto treasury plays during IPO season—Figma’s USDC-mediated Bitcoin strategy signals both volatility awareness and unwavering digital asset conviction.
For investors, FIG presents an unusual proposition: exposure to both a profitable design software business and significant Bitcoin holdings without the complications of direct crypto investment.
Whether this duality proves compelling or concerning will likely depend on Bitcoin’s trajectory and investor appetite for unconventional treasury strategies.
The IPO ultimately offers a fascinating case study in corporate crypto adoption—assuming, of course, that Bitcoin doesn’t decide to test everyone’s risk tolerance between now and the listing date.
