Figma discloses $70M Bitcoin publicity by way of Bitwise ETF in IPO submitting, plans one other $30M purchase
Figma’s preliminary public providing (IPO) prospectus reveals that the design software program firm holds roughly $69.5 million of the Bitwise Bitcoin ETF (BITB).
In accordance with a July 1 submitting, a desk lists the ETF below level-1 marketable securities at $69.533 million.
The doc additionally said that the board licensed a $55 million buy on March 3, 2024, implying that the place has appreciated by roughly 27% for the reason that acquisition.
A separate observe information a Could 8 board decision to buy $30 million of USDC “for re-investment into Bitcoin at a later date,” offering the corporate with an extra pool of dollar-pegged capital earmarked for future accumulation.
By accumulating a stablecoin first, the agency can time conversions with out disrupting working money and hedge short-term worth swings between board approval and execution.
The disclosure locations Bitcoin alongside cash market funds, US Treasuries, and company bonds in Figma’s money administration combine.
The $69.5 million stake equals roughly 4% of Figma’s $1.07 billion in money, money equivalents, and marketable securities reported as of March 31. The agency didn’t specify the precise variety of BITB shares it holds.
Figma’s S-1 is forward of a deliberate itemizing that follows the collapse of Adobe’s $20 billion takeover try in 2023.
The submitting confirms studies that the corporate confidentially filed for an IPO in April as fairness markets reopened for venture-backed software program names. Figma joins a rising cohort of working firms that allocate a part of their treasury to Bitcoin.
The prospectus doesn’t set a timeline for changing the $30 million USDC tranche, though the extra allocation suggests the corporate views Bitcoin as a strategic reserve slightly than a short-term commerce.
The submitting provides no commentary on hedging or impairment coverage. Below US GAAP, unrealized features on an ETF labeled as a safety move via different complete earnings, insulating internet earnings from mark-to-market volatility until shares are offered.
