Design software giant Figma announces IPO: Documents reveal holding nearly $70 million in Bitcoin ETF

Author: Crumax

Design software developer Figma has officially launched its IPO process and will be listed on the New York Stock Exchange under the ticker symbol "FIG."

The S-1 filing not only reveals the company's strong operational growth but also exposes its financial strategy of holding nearly $70 million in Bitcoin ETFs for the first time, with plans to reinvest an additional $30 million in USDC to increase its holdings, demonstrating its proactive embrace of crypto assets.

Figma Announces IPO: Challenging Adobe's $20 Billion Valuation from Years Ago

A year and a half after the breakdown of the $20 billion acquisition deal with Adobe, Figma announced yesterday that it is launching its IPO in the U.S. According to the latest S-1 filing, Figma has not disclosed the expected fundraising amount or valuation range, but the market is optimistic that the company is likely to surpass the exorbitant price Adobe offered back then.

Looking back at why the Adobe acquisition fell through, the key issue was the concerns of competition monopoly from regulatory bodies in the U.S. and U.K. Now, Figma's choice to go public independently can be seen as stepping out from the shadow of that breakdown. In the 2024 employee stock buyback plan, the company's valuation was approximately $12.5 billion, and with the rising tide of AI and the IPO market, investors are hopeful that it can break that number once listed.

Impressive Revenue Performance, Aggressive AI Investments

Figma's financial performance is also eye-catching. After a loss in 2024, it reported a net income of $44.88 million in the first quarter of 2025; the quarterly revenue reached $228 million, with a year-over-year growth rate of 46%. The total revenue for 2024 was $749 million, a 48% year-over-year increase, reflecting the strong momentum of its subscription-based business model.

Figma CEO Dylan Field emphasized in a letter to investors: "AI is at the core of the future design process. We will continue to invest heavily, even though it may lower efficiency in the short term, but this is an indispensable long-term strategy." This also echoes Figma's ambition, as the document mentions AI-related terms over 200 times.

Currently, Figma has over 1,000 enterprise customers paying more than $100,000 annually, and over 11,000 medium-sized customers paying over $10,000 annually. Financial data shows that more than half of its revenue comes from markets outside the U.S., and it will continue to push for international expansion and acquisitions.

Figma is Also a Bitcoin Fan: Holding Nearly $70 Million in Bitcoin Spot ETFs

In addition to its impressive operational performance, Figma has also demonstrated a unique vision in its financial strategy. The filing reveals that the company holds approximately $69.53 million in Bitcoin through the Bitwise Bitcoin ETF (BITB), initially investing $55 million, and has currently made a profit of about 26%.

Notably, Figma's board authorized the purchase of $30 million in USDC this May, allowing for flexible conversion into Bitcoin in the future, thereby maintaining financial flexibility. This indicates that Figma does not view Bitcoin as a speculative asset but rather incorporates it into its long-term cash and capital management strategy.

This position accounts for about 4% of Figma's existing $1.07 billion in cash and securities, reflecting its strategic recognition of Bitcoin and resonating with companies like MicroStrategy, positioning itself as a representative of startups that view Bitcoin as a corporate reserve asset.

Founder Continues to Control Figma's Direction: Plans for Major Acquisitions and Expansion

Dylan Field stated that the choice to go public at this moment is not only to enhance brand visibility and gain capital momentum but also to allow users and the community to become part of the company. Through a special voting rights structure, he will retain over 75% of the company's voting power, continuing to steer the company's direction, and emphasized plans for significant expansion through acquisitions.

Additionally, the company's internal venture capital arm, Figma Ventures, has already invested in 18 projects, showcasing its comprehensive approach from product to capital strategy. With the prospectus officially unveiled, Figma joins the ranks of leading startups like Circle in the IPO arena, making a significant impact on the capital financing market in 2025.