As a blockchain quant analyst, I dissect Figma's S-1 filing revealing their $70M Bitcoin ETF position – a rare corporate crypto play rivaling MicroStrategy. Beyond the 26% unrealized gains, we'll examine how this design unicorn's financial strategy mirrors Web3 treasury trends, why BITB beats holding raw BTC, and what their planned $30M USDC deployment signals about institutional adoption. Spoiler: This isn't your typical SaaS balance sheet.