A cloud-based design company, Figma, has disclosed a $69.5 million position in Bitcoin through Bitwise ETF (BITB); a stake that’s already gained 27% since March.
How Figma is Using Bitcoin ETFs in Its Treasury
The IPO filing revealed the company’s board greenlit another $30 million for future Bitcoin buys, parking the funds in USDC for tactical deployment.
This was not some speculative punt. Figma’s Bitcoin holdings now represent 4% of its $1.07 billion cash reserves, sitting alongside Treasury bonds and money markets in its corporate war chest.
That $55 million March purchase is now worth $70 million thanks to Bitcoin’s rally. The fresh $30 million allocation suggests that this is strategic reserve-building, not just trading profits.
“On March 3, 2024, the Board of Directors approved an investment of $55.0 million into a Bitcoin exchange-traded fund (“ETF”) investment fund operated by Bitwise, Inc. The investment is classified as an equity security within marketable securities for the periods presented,” stated in the filing.
“The Company’s equity securities are initially measured at the transaction price plus transaction costs. The Company carries its equity securities at fair value because they have readily determinable fair values and reports the unrealized gains and losses as part of other income, net,” the filing states.
This comes as Figma gears up for its IPO, a year after Adobe’s $20 billion acquisition fell through. While other tech firms are acquiring crypto into their balance sheets, Figma’s methodical approach, like buying through a regulated ETF, shows how mature companies are now adopting Bitcoin without the hype.
“Moreover, in addition to risks associated with traditional fiat currency, the emergence of cryptocurrencies, particularly Bitcoin, as a potential alternative medium of exchange may introduce further risk. If the adoption of Bitcoin or another cryptocurrency increases to the point where it has the potential to displace traditional fiat currencies in our markets, this may exacerbate the risks described above,” stated in the filing
Amid exponential growth in crypto-based ETFs, many companies and institutions are adding them to their balance sheet. This helps them to diversify their portfolios. Also, ETFs gave them protection against the volatility of the underlying cryptocurrency.
Also, many institutions are forming a Bitcoin strategic reserve, becoming a new way of institutional and sovereign engagement with digital assets.
Joe Burnett, Director of Bitcoin Strategy, said: “Looking beyond the size of the raises, what’s key here is the intent: companies worldwide are optimizing their financial infrastructure around Bitcoin. We’re not just seeing balance sheet hedges anymore, but full treasury engines built on hard money principles.”
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