In a significant financial disclosure, design software leader Figma has revealed substantial investments in Bitcoin exchange-traded funds (ETFs). A recent filing with the U.S. Securities and Exchange Commission (SEC) shows the company held $69.5 million in a Bitcoin ETF as of March 31, 2025. Furthermore, Figma's board has approved an additional investment of $30 million to acquire more Bitcoin.
This move highlights a growing trend of major technology firms diversifying their corporate treasuries with cryptocurrency-based assets. Figma's investment strategy reflects a calculated approach to embracing digital asset exposure while navigating market volatility.
Details of Figma's Bitcoin ETF Holdings
Figma's investment details were disclosed in its S-1 filing, submitted as part of its process to become a publicly traded company. The document provides transparency into the company's financial position and investment strategies.
Current Holdings and Valuation
As of December 31, 2024, Figma reported holding $78.8 million in a Bitcoin ETF, classified as a Level 1 asset. By March 31, 2025, the value of these holdings had decreased to $69.5 million. This investment represents part of Figma's broader portfolio of cash, cash equivalents, and marketable securities, which totals approximately $1.54 billion.
The company specifically noted that its Bitcoin ETF investment is subject to market volatility influenced by Bitcoin's price fluctuations and general economic conditions. Despite this volatility, Figma reported that no credit losses have been recorded on this asset.
Investment Strategy and Board Approval
Figma's journey into Bitcoin ETFs began on March 3, 2024, when its Board of Directors approved an initial investment of $55 million into a Bitcoin ETF operated by Bitwise, Inc. This investment was classified as an equity security within marketable securities.
More recently, on May 8, 2025, the board authorized an additional $30 million investment in Bitcoin. Following this approval, Figma purchased $30 million worth of USDC stablecoin, which it plans to convert to Bitcoin at a future date.
Financial Performance and Impact
Figma's cryptocurrency investments have already shown notable financial impacts, with both gains and losses reflecting the volatile nature of digital assets.
Unrealized Gains and Losses
For the year ending December 31, 2024, Figma reported $23.8 million in unrealized gains from its equity investments, which include its Bitcoin ETF holdings. However, the first quarter of 2025 brought market challenges, with the company recognizing $9.3 million in unrealized losses on these investments.
Interest Income Figures
Beyond its Bitcoin ETF position, Figma has generated substantial interest income from its broader portfolio of cash equivalents and marketable securities. The company reported $63.7 million in interest income for full-year 2024, with $15.5 million recorded in the first quarter of 2025 alone.
Understanding Bitcoin ETFs and Corporate Investment
Bitcoin ETFs have emerged as a popular vehicle for institutional investors seeking exposure to cryptocurrency markets without the complexities of direct ownership. These funds track Bitcoin's price and trade on traditional stock exchanges, providing a regulated framework for investment.
Benefits of Bitcoin ETF Investments
For corporations like Figma, Bitcoin ETFs offer several advantages over direct cryptocurrency ownership:
- Regulatory compliance and oversight
- Simplified accounting and reporting procedures
- Elimination of technical security concerns associated with direct crypto custody
- Enhanced liquidity through traditional exchange trading
Risk Management Considerations
While offering potential rewards, Bitcoin ETF investments carry inherent risks that companies must carefully manage:
- High volatility in asset valuation
- Market correlation with broader economic conditions
- Regulatory developments affecting cryptocurrency markets
- Liquidity risks during extreme market conditions
Companies typically mitigate these risks through careful portfolio allocation, strategic timing of investments, and comprehensive risk assessment protocols.
Corporate Crypto Adoption Trends
Figma's announcement reflects a broader movement of technology companies allocating portions of their treasury reserves to cryptocurrency assets. This trend has gained momentum as institutional-grade investment products like Bitcoin ETFs have become available.
Several factors drive this corporate adoption:
- Diversification beyond traditional assets
- Inflation hedging properties of scarce digital assets
- Positioning for potential long-term appreciation
- Alignment with innovative technology narratives
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Frequently Asked Questions
What is a Bitcoin ETF?
A Bitcoin exchange-traded fund (ETF) is an investment vehicle that tracks the price of Bitcoin and trades on traditional stock exchanges. It allows investors to gain exposure to Bitcoin's price movements without directly owning or storing the cryptocurrency themselves. ETFs provide a regulated and familiar investment structure for both individual and institutional investors.
Why would a company invest in Bitcoin ETFs?
Companies invest in Bitcoin ETFs to diversify their treasury reserves, potentially hedge against inflation, and gain exposure to an emerging asset class. ETFs offer a more accessible and regulated approach to cryptocurrency investment compared to direct ownership, with simplified custody and accounting procedures that appeal to corporate treasuries.
How does Figma account for its Bitcoin ETF investment?
Figma classifies its Bitcoin ETF holdings as Level 1 assets within marketable securities on its balance sheet. The company records changes in the fair value of these investments through its financial statements, recognizing both unrealized gains and losses based on market fluctuations.
What risks do Bitcoin ETF investments pose to companies?
The primary risks include Bitcoin's significant price volatility, regulatory uncertainty surrounding cryptocurrency assets, market liquidity challenges during extreme conditions, and correlation with broader economic factors. Companies must carefully assess these risks and implement appropriate risk management strategies.
How has Figma's investment performed so far?
Figma reported $23.8 million in unrealized gains for 2024 but recognized $9.3 million in unrealized losses in Q1 2025, demonstrating the volatile nature of these investments. The value of its holdings decreased from $78.8 million to $69.5 million between December 2024 and March 2025.
Are other companies making similar investments?
Yes, numerous technology companies and institutional investors have begun allocating portions of their portfolios to Bitcoin and Bitcoin ETFs. This trend reflects growing acceptance of digital assets as legitimate investment options within diversified corporate treasury strategies.
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Strategic Implications and Future Outlook
Figma's substantial investment in Bitcoin ETFs signals confidence in the long-term value proposition of cryptocurrency assets despite short-term volatility. As the company moves toward its public listing, these investments demonstrate a forward-looking financial strategy that aligns with technological innovation.
The approval of an additional $30 million investment indicates Figma's commitment to increasing its exposure to digital assets, potentially positioning the company to benefit from future appreciation in the cryptocurrency market. This approach may influence other technology companies considering similar treasury diversification strategies.
As regulatory frameworks continue to evolve and institutional adoption grows, Bitcoin ETFs are likely to play an increasingly important role in corporate investment portfolios. Figma's transparent disclosure of its strategy and performance provides valuable insights for other organizations evaluating similar investment opportunities.