Figma has filed its S‑1 registration to go public on the New York Stock Exchange under the ticker “FIG”, and disclosed holdings of approximately $69.5 million in a spot Bitcoin ETF as of 31 March 2025. The filing also confirms that the board approved allocating $30 million in USDC for later conversion into Bitcoin, signalling a strategic embrace of digital assets.
Financial disclosures reveal robust growth for the design‑collaboration platform, with Q1 2025 revenue surging to $228.2 million—marking a 46 per cent increase year‑on‑year—and net income tripling to $44.9 million. For the full year 2024, revenue reached $749 million, although a net loss of $732 million was recorded, compared to a $738 million net income in 2023. The company attributes the swing to one‑off charges and substantial investments in artificial intelligence, areas identified as core to its long‑term strategy.
The Bitcoin holdings stem from a board‑approved $55 million investment in a Bitwise Bitcoin ETF on 3 March 2024, which has appreciated roughly 27 per cent to $69.5 million. The additional $30 million USDC allocation was approved on 8 May 2025 to facilitate further Bitcoin purchases, highlighting a phased approach to crypto acquisition. Figma’s investment approach positions Bitcoin alongside money‑market instruments, Treasuries and corporate bonds, comprising around 4 per cent of its $1.07 billion cash and equivalents as of 31 March 2025.
The IPO comes more than a year after regulators in the UK and EU blocked Adobe’s proposed $20 billion acquisition of Figma in late 2023. That deal’s collapse redirected the company toward strengthening its independent market position. Referral to Morgan Stanley, Goldman Sachs, J.P. Morgan and Allen & Co as lead underwriters underscores the prominence of the offering.
Figma’s embrace of Bitcoin reflects a growing trend among public and pre‑public tech firms deploying crypto assets as part of corporate treasury strategies. Firms such as Coinbase, Circle and MicroStrategy have drawn attention for similar moves, with some recording sharp stock gains driven by their crypto exposure. Analysts caution that such positions expose companies to the volatility of digital assets, though fairness accounting treatment under US GAAP ensures unrealised ETF gains flow through other comprehensive income, not immediate profit and loss.
AI remains a central strategic pillar. CEO Dylan Field underscored in the filing that Figma intends to double down on AI investments, even if it affects short‑term efficiency, describing such outlays as essential to evolving design workflows. The platform, used by 95 per cent of Fortune 500 companies and 78 per cent of the Forbes 2000, has expanded its offerings—from website‑building and digital illustration to AI‑assisted coding and enhanced marketing tools.
The IPO filing indicates Figma will use proceeds to repay debt, fund working capital needs and pursue acquisitions—while retaining dual‑class share structures aimed at preserving founder control. This structure assigns Class A one‑vote shares to public investors, while Class B and C shares—with greater voting power—remain with the founders through proxy agreements, ensuring strategic continuity.
Figma’s dual‑track strategy—combining IPO ambitions with a diversified digital‑asset treasury—positions it at the intersection of mainstream tech capital markets and crypto innovation. The move may draw investor interest from those seeking exposure to design‑tech growth and blockchain‑linked assets under a unified corporate strategy.
