Figma’s IPO Filing Exposes a $70M Bitcoin Bet: Here’s Why It Matters

By John Chen, Blockchain Analyst

From Adobe Fallout to Bitcoin Embrace

Figma’s S-1 filing for its NYSE debut (ticker: FIG) dropped more than just revenue figures—it revealed the design platform holds $69.53 million in Bitwise Bitcoin ETF (BITB), a 26% unrealized gain from its initial \(55M investment. For context, that’s 4% of Figma’s \)1.07B cash reserves.

Why does this matter? Because Figma just joined MicroStrategy’s playbook: treating Bitcoin as corporate treasury. Unlike speculative crypto traders, they’re playing the long game—and winning. Their Q1 2025 net income of $44.88M suggests they can afford the volatility.

The Regulatory Shadow Behind the IPO

Remember Adobe’s failed \(20B acquisition? Regulatory roadblocks forced Figma to pivot. Now, with a \)12.5B valuation from recent employee stock buybacks, their IPO could dwarf that figure. CEO Dylan Field retains 75% voting power—meaning his pro-crypto stance isn’t going anywhere.

Fun fact: That BITB allocation outperformed Figma’s SaaS growth (48% YoY) last year. Ironic for a company whose product can’t even render blockchain workflows… yet.

AI, Acquisitions, and Crypto Synergies

Figma Ventures has already funded 18 projects. With $30M more in USDC stablecoins earmarked for crypto buys, expect DeFi or NFT integrations in their roadmap. My prediction? A Figma-to-Web3 plugin by 2026—because every SaaS firm needs a metaverse strategy these days.

Key Takeaways:

• Corporate BTC Adoption: No longer just MicroStrategy’s niche.
• Regulatory Wins: Post-Adobe, Figma’s autonomy fuels bold bets.
• Watch the Footnotes: S-1 filings are becoming crypto treasure maps.