The folks who said there’s nothing new under the sun might have to review that statement after reading this one. Popular design company Figma has revealed that it has quite a huge stash of Bitcoin ETFs in its holdings, and it still wants some more.
In a filing with the US Securities and Exchange Commission, Figma has disclosed its holding of $70 million in Bitcoin exchange-traded funds. But not just that, the design firm also revealed that it has kept aside another $30 million in stablecoins to buy Bitcoin.
Figma’s filing was necessary after it declared its intentions to go public on the New York Stock Exchange on Tuesday, July 1st. The company apparently wants to trade under the ticker “FIG.”
All Of Figma’s Secrets
The filing also showed some of Figma's other closely guarded secrets. The design company had been buying up Bitcoin ETFs since 2024. On the 3rd of March 2024, Figma bought $55 million worth of Bitwise Bitcoin ETFs. The value at the time of the purchase was $69.5 million, with an unrealized profit of 26% as of the end of the quarter on March 31.
Bitcoin ETFs aside, Figma has now revealed that it holds $30 million worth of the stablecoin USDC. The company also shared that it doesn't have plans to keep its impressive USDC holdings for long. It disclosed that it would be selling off its USDC to buy Bitcoin.
What's interesting about this decision is that it seems Figma bought USDC just to buy Bitcoin. The board of directors at Figma only approved a $30 million Bitcoin investment on May 8th, after which the company went on to buy USDC.
It also seems Figma is not the only one happy about the Bitcoin plan. Bitwise’s CEO, Hunter Horsley, couldn't contain his joy about it. Horsley praised Figma for separating 5% of its balance sheet specifically for Bitcoin.
In an interesting reference to the future, Horsley also said:
“More and more corporations are going to own Bitcoin as part of their treasury.”
This Bitcoin news is interesting and has brought Figma back into the limelight. The last time we heard any major news about Figma was back in 2022, when Adobe showed interest in buying it. At the time, Adobe wanted to buy Figma for $20 billion, but the deal was blocked by the European Union over concerns that Adobe could become a monopoly.
The deal was eventually cancelled, and Adobe had to pay $1 billion in cash as required reverse transaction fees.
In other news, it looks like Figma is not the only company interested in holding Bitcoin. Different companies have also started racking up some Bitcoin for themselves. Strategy (formerly Microstrategy) and Metaplanet are the latest companies, among others, to publicly reveal their Bitcoin holdings. However, these other ones are mostly crypto companies. A design company like Figma buying up crypto will never not be interesting news.
Jordan V.
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