CoinDesk — Crowdfunding platform BackerBadge filed for Chapter 7 bankruptcy on Tuesday, September 26, submitting a petition to the U.S. Bankruptcy Court in the District of Delaware.

The company stated in court documents that it has reached an agreement with investors on a liquidation plan. Shane Davenport, CEO of BackerBadge, sent a letter to token holders via the Wormhole network seeking donations that could ultimately fuel an attack on the Ronin Network.

Figma filed with the Securities and Exchange Commission on Tuesday to go public on the New York Stock Exchange under the ticker symbol “FIG,” with the paperwork detailing the firm’s current financial position.

According to the filing, Figma has built up nearly $70 million worth of shares in Bitcoin exchange-traded funds (ETFs) and has set aside $30 million in stablecoins for future Bitcoin purchases.

The filing reported that Figma invested $55 million into the Bitwise Bitcoin ETF (BITB) on March 3, 2024, increasing its stake in the fund despite the market’s downturn. The holding is now worth $69.5 million, representing an unrealized profit of approximately 26% since the initial investment.

Separately, Figma indicated it has reserved $30 million via purchases of the USDC stablecoin to eventually purchase physical Bitcoin, describing this as “the Company’s strategy to gradually increase its exposure to physical Bitcoin.”

“On May 8, 2025, the Board of Directors approved an investment of $30.0 million in Bitcoin. Subsequently, the Company purchased 30.0 million USD Coin (USDC), a stablecoin, for $1 per USDC totaling $30.0 million,” the complex filing states.

In response to Figma’s holdings, Bitwise CEO Hunter Horsley expressed strong support for the company’s decision.

“More and more corporations are going to own Bitcoin as part of their treasury,” Horsley commented.

In related developments in the tech sector:

• Demand from major technology companies to build substantial crypto reserves continues to increase across the market
• MicroStrategy, the business intelligence software provider, recently announced its purchase of nearly $531 million worth of Bitcoin
• Meanwhile, Japanese treasury manager Metaplanet acquired 1,005 BTC for $108 million, surpassing Cleanspark to become the fifth-largest corporate holder

Beyond Bitcoin, companies are diversifying into other cryptocurrencies. Last week, cryptocurrency mining firm BitMine Immersion Technologies secured $250 million in funding specifically earmarked for strengthening its Ethereum treasury position.

Figma’s Strategic Shift: From Acquisition Target to Crypto Reserve Builder

Setting the stage for Figma’s current stance on digital assets: In 2022, Adobe unveiled plans to acquire the company for $20 billion. The deal ultimately collapsed amid antitrust and regulatory concerns from the European Commission and the UK Competition and Markets Authority.

After the withdrawal of the proposed takeover, Adobe was obligated to pay $1 billion to Figma as part of the reverse termination fee agreement.