Digital design tech company Figma revealed on Tuesday that it both owned $70 million worth of Bitwise’s Bitcoin ETF shares and had purchased $30 million in USDC with the intention of buying Bitcoin, according to a filing.
Figma filed an S-1 with the Securities and Exchange Commission indicating that it plans to go public through an initial public offering.
The company’s filing noting it owned shares of Bitwise’s Bitcoin ETF (ticker BITB) and intended to buy Bitcoin is part of a larger trend of companies and organizations opting to buy cryptocurrencies, specifically Bitcoin. Some companies have decided to focus solely on stockpiling crypto, copying the strategy made popular by the company called Strategy.
“On March 3, 2024, the Board of Directors approved an investment of $55.0 million into a Bitcoin exchange-traded fund investment fund operated by Bitwise, Inc.,” the filing said. This initial investment was made less than two months after the first spot Bitcoin ETFs gained SEC approval.
With Figma valuing its Bitcoin ETF holdings at nearly $70 million it appears the investment may be paying dividends.
According to the filing, Figma has not moved forward with its direct purchase of Bitcoin, but plans to. “On May 8, 2025, the Board of Directors approved an investment of $30.0 million in Bitcoin,” it said in the filing. “Subsequently, the Company purchased 30.0 million USD COIN (USDC), a stablecoin, for $1 per USDC totaling $30.0 million. The Company intends to re-invest its stablecoin holdings into Bitcoin at a later date.”
As of last month, more than 200 companies had established BTC corporate treasuries. Analysts said the trend underscores the growing structural demand for Bitcoin, the largest cryptocurrency by market capitalization.
The world’s largest stablecoin issuer Tether said last month it owned 100,000 bitcoin.
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