Briefly
Figma filed to go public on the NYSE underneath the ticker “FIG.”
It disclosed a $55 million funding in a Bitcoin ETF managed by Bitwise.
The IPO submitting comes greater than a yr after Adobe’s failed acquisition of Figma.
Design software program big Figma revealed Tuesday it has been holding onto a multi-million-dollar Bitcoin funding for greater than a yr, marking a shocking transfer for the San Francisco-based agency because it seeks a public debut on the New York Inventory Change.
Alongside the corporate’s itemizing plans, the submitting revealed how Figma’s board of administrators accredited an funding within the Bitwise Bitcoin ETF shortly after regulators had accredited the fund in January of final yr.
On March 3, 2024, Figma’s board accredited an funding totaling $55 million within the ETF, which had ballooned to $78.8 million in unrealized positive factors by the top of December final yr.
That was adopted by a decline of roughly $9.3 million in unrealized losses by March 31 of this yr, ensuing within the firm’s preliminary funding plus appreciation hovering close to $69.5 million, per its IPO submitting dated July 1.
Regardless of Figma acknowledging Bitcoin’s volatility, the software program big now intends to purchase extra. The submitting additionally revealed that its board has pre-approved plans to take a position one other $30 million utilizing its current USDC stablecoins readily available, which it additionally holds on its steadiness sheet.
“The Firm intends to reinvest its stablecoin holdings into Bitcoin at a later date,” Figma wrote.
Nonetheless, the transfer comes as a shock to many inside the trade. The corporate has not beforehand been recognized for collaborating in digital asset markets, and declined a request for remark by Decrypt.
In line with Figma, Morgan Stanley, Goldman Sachs, Allen & Firm, and J.P. Morgan will act as joint leads for the providing.
Based in 2012, Figma started as a browser-based interface design software and has grown right into a broadly used platform for cross-functional product groups. Its IPO plans have been first set in movement with a confidential SEC submitting in April.
It is now hoping its enterprise is powerful sufficient to outlive the rigorous evaluation and strict necessities wanted to go public—the excellent news is that Figma’s financials confirmed continued progress heading into its NYSE debut.
The corporate reported $ 749 million in income for 2024. For the primary quarter of 2025, income elevated to $228.2 million, a 46% rise from the identical interval in 2024.
Its Bitcoin holdings, in the meantime, accounted for roughly 4.5% of its complete $1.54 billion in money and securities as of the top of March—a transfer that it intends to develop by an additional 2% utilizing its USDC reserves.
The choice to spend money on a Bitcoin ETF positions Figma amongst a rising listing of personal and public corporations including Bitcoin to their steadiness sheets.
The IPO, in the meantime, represents a brand new chapter for Figma following the collapse of its deliberate $20 billion acquisition by Adobe. That deal was referred to as off in December 2023 after dealing with regulatory scrutiny within the EU and the U.Okay.
In 2024, Figma was valued at $12.5 billion by way of a secondary tender provide that allowed early stakeholders to partially money out their shares.
Edited by Sebastian Sinclair
Every day Debrief E-newsletter
Begin on daily basis with the highest information tales proper now, plus authentic options, a podcast, movies and extra.
