Figma Files for Public Debut, Buys Bitcoin ETF
Design software company Figma announced its plans for an initial public offering (IPO) on the New York Stock Exchange (NYSE) and revealed a recently approved investment in a Bitcoin exchange-traded fund (ETF).
The company filed with the Securities and Exchange Commission (SEC) to go public under the ticker symbol “FIG”. Simultaneously, Figma disclosed its board’s approval of a $55 million investment in a Bitcoin ETF managed by Bitwise, following regulatory approval in early 2024.
Board approval for the Bitwise investment occurred on March 3, 2024. By the end of 2023, this investment had grown to $78.8 million in unrealized gains, though this value saw a decline to roughly $69.5 million by March 31, 2024.
Figma indicated intentions to expand its position, stating it has pre-approved plans to invest an additional $30 million using its existing USDC stablecoins. The company noted, “The Company intends to reinvest its stablecoin holdings into Bitcoin at a later date.”
Unlike other prominent tech companies, Figma’s previous involvement in digital assets was not well known, making the investment noteworthy. Despite acknowledging Bitcoin’s volatility, the company proceeded.
Financially, Figma reported $749 million in revenue for 2024, with first-quarter 2025 revenue surging to $228.2 million, a 46% increase from the same period last year. This growth supports its plan to meet rigorous IPO requirements.
Securities industry heavyweights Morgan Stanley, Goldman Sachs, Allen & Company, and J.P. Morgan are expected to serve as joint lead underwriters for the offering.
This move places Figma among an increasing number of private and public companies exploring ways to allocate Bitcoin holdings via regulated ETFs.
Notably, this development follows the collapse of a $20 billion acquisition attempt by Adobe, which was terminated in late 2023. Figma’s IPO timing also comes after a secondary offering in 2024 valued the company at approximately $12.5 billion.
