Figma Files for IPO, Reveals $69.5 Million Bitcoin ETF Holdings
Figma, the San Francisco design software company, just took a big step toward going public. The company filed its Form S-1 with the SEC earlier today, kicking off its IPO process. Buried in the paperwork was an interesting detail: Figma holds about $69.5 million in spot Bitcoin ETFs as of March 31, 2025.
That’s not pocket change. And it looks like they’re doubling down—on May 8, the board greenlit a plan to drop another $30 million into Bitcoin. According to the filing, they’ve already bought USDC stablecoins to make the swap. Whether this is a long-term play or just hedging isn’t totally clear, but it’s definitely a move worth watching.
Three Classes of Shares, One Clear Leader
The IPO will list Class A shares on the NYSE under the ticker “FIG.” But here’s where it gets messy. Figma’s shares are split into three types:
– **Class A**: Your basic one-vote-per-share setup.
– **Class B**: Heavy hitters—15 votes each, convertible to Class A.
– **Class C**: No voting rights, with some conversion loopholes.
Most of the power stays with CEO Dylan Field, thanks to proxy agreements with co-founder Evan Wallace and the Wu-Wallace Family Foundation. Translation? Even after going public, Field’s grip on the company isn’t loosening anytime soon.
Why Bitcoin? And What’s Next?
The Bitcoin angle is curious. Figma isn’t exactly a crypto company, but $69.5 million (and counting) suggests they’re at least dipping a toe in. Maybe it’s diversification. Maybe they see something others don’t. The filing doesn’t spell it out, but it’s hard to ignore.
As for the IPO itself, there’s no price range or date yet. This is Figma’s first dance with public markets, so expectations are all over the place. Some will focus on the Bitcoin bets; others on whether the multi-class share structure spooks investors. Either way, it’s going to be a interesting ride.
*Just a reminder: This isn’t financial advice. Just news. Do your own homework.*
