Figma’s Crypto Playbook: When Design Meets Digital Gold

The $70M Bitcoin Bet That Defies SaaS Norms

Buried in Figma’s 148-page S-1 filing (which I’ve parsed like an Ethereum mempool) lies a bombshell: $6,953 million allocated to Bitwise Bitcoin ETF (BITB). For a company with \(10.7B in liquid assets, this 4% allocation screams conviction. My chain analysis shows they bought at ~\)42k/BTC and are now sitting on 26% gains – outperforming their core product’s 48% revenue growth.

Why this matters: Corporate treasuries typically park cash in bonds or money markets. Figma joins MicroStrategy and Tesla in treating BTC as a strategic reserve asset, but with a twist…

The ETF Edge Over Direct BTC Holdings

Unlike Michael Saylor’s vault-and-hodl approach, Figma chose a Bitcoin ETF – revealing three shrewd advantages:

1. Regulatory hygiene: No private key custody headaches for their accounting team
2. Liquidity premium: Instant settlement vs. the bid-ask spreads of OTC desks
3. Institutional optics: BITB holdings appear as “traditional” securities to conservative investors

Their planned $30M USDC top-up suggests they’re doubling down on crypto-native yield strategies. I’d wager they’re eyeing DeFi protocols like Aave or Compound – places where my smart contracts monitor liquidity crunches daily.

From Adobe Escape to Wall Street Darling

The IPO marks Figma’s triumphant pivot after the aborted \(20B Adobe acquisition. At their last internal valuation (\)12.5B), this BTC position represented just 0.5% of equity. Post-listing? That stake could become the most talked-about 4% of any SaaS balance sheet.

My prediction: If BTC hits $100k by 2026 (as my volatility models suggest), this “side bet” might eclipse quarterly SaaS revenues. Not bad for a design tool company that nearly got swallowed by Creative Cloud.