Corporate treasuries have witnessed their share of unconventional strategies, but Figma’s decision to allocate $69.5 million to Bitcoin ETFs ahead of its initial public offering represents a particularly bold convergence of design software pragmatism and cryptocurrency speculation.
The investment trajectory tells a compelling story: what began as a $55 million position in 2024 has grown to nearly $70 million by March 2025, managed through Bitwise’s ETF structures. This approach sidesteps the operational headaches of direct Bitcoin custody while maintaining crypto exposure—a treasury management decision that suggests both sophistication and prudence (or perhaps sophisticated imprudence, depending on one’s perspective on digital assets).
Figma’s board recently approved an additional $30 million Bitcoin purchase via USD Coin, bringing total allocated crypto funds to $100 million. The USDC mechanism provides fascinating insight into modern treasury operations: companies can now maintain stablecoin liquidity while timing their Bitcoin entries, effectively creating a cryptocurrency staging area for volatile asset acquisition.
Companies now use stablecoins as cryptocurrency staging areas, maintaining liquidity while strategically timing volatile asset acquisitions.
This crypto positioning emerges alongside impressive financial fundamentals. Figma reported $228.2 million in Q1 2025 revenue—a 46% year-over-year increase—with net income jumping from $13.5 million to $44.9 million. The company’s $749 million total 2024 revenue and upcoming NYSE listing under ticker “FIG” suggest a business confident enough in its core operations to experiment with treasury diversification. The company serves over 1,000 enterprise clients, including major corporations like Amazon and Google.
The strategic timing raises intriguing questions about investor appetite. Figma joins a growing cohort of tech firms embracing Bitcoin as a treasury asset, yet few have disclosed such substantial crypto exposure in IPO filings. With over 13 million monthly users and more than half its revenue from international markets, the company appears positioned to attract both traditional growth investors and those seeking crypto-adjacent equity exposure. As blockchain infrastructure continues to evolve with platforms capable of processing over 1.4 million transactions per second, companies like Figma may be positioning themselves for the next generation of decentralized applications and Web3 integration.
The ETF structure reduces custody risks while maintaining Bitcoin’s upside potential—assuming, of course, that Bitcoin maintains upside potential. Figma’s treasury strategy balances speculative positioning with operational flexibility, using stablecoins as a bridge between traditional cash management and cryptocurrency investment.
Whether this approach proves visionary or merely expensive remains for public market investors to determine.
