Figma, the collaborative design platform that completed its public listing in July 2025, disclosed approximately $91 million in Bitcoin exposure through exchange-traded funds during its Q2 2025 earnings call. The allocation forms part of a broader $1.6 billion liquidity position comprising cash, marketable securities, and the Bitcoin ETF holdings. The disclosure makes Figma one of the more notable examples of a newly public technology company openly managing a portion of its treasury through regulated crypto investment vehicles.

A claim that circulated on social media suggested Figma held 938 BTC valued at $12 billion during the second quarter. Those figures are inaccurate. The company's actual Bitcoin exposure is through spot Bitcoin ETFs rather than direct holdings, and the reported valuation is approximately $91 million — not $12 billion.

Tracing Figma's Bitcoin Allocation

Figma's Bitcoin treasury strategy began with an initial investment of roughly $55 million in the Bitwise Bitcoin ETF. By the close of 2024, that position had appreciated to $78.8 million. This timing placed the initial allocation within the first wave of corporate adoption following the SEC's January 2024 approval of spot Bitcoin ETFs, which gave companies a regulated vehicle for Bitcoin price exposure without the operational complexity of self-custody.

When Figma filed for its IPO in July 2025, the company reported $69.5 million in spot Bitcoin ETF exposure as of March 31, 2025, representing a decline from the year-end 2024 level.

By the time CEO Dylan Field addressed the earnings call on September 4, 2025, the position had recovered to approximately $91 million. In Figma's regulatory filings, the Bitcoin ETF exposure is classified as a Level 1 asset, meaning it is valued using quoted prices in active markets — a classification that simplifies mark-to-market accounting and is generally viewed favorably by auditors compared to holding spot Bitcoin directly.

The company's board has also approved the allocation of an additional $30 million toward Bitcoin-related investments.

A Measured Approach to Crypto Treasury Management

Field emphasized during the earnings call that Figma has no ambition to emulate MicroStrategy. MicroStrategy, which has since rebranded as Strategy, has built its entire corporate identity around Bitcoin, accumulating tens of billions of dollars in the asset. That company's aggressive accumulation strategy has drawn both institutional investors and significant scrutiny from regulators and short sellers.

Field articulated a commitment to keeping cryptocurrency as a supplementary component of treasury management rather than allowing it to define the company's broader financial strategy.

Based on more recent mid-2026 pricing data, current estimates suggest Figma's position translates to approximately 767 to 843 BTC equivalent, valued between $49 million and $54 million.

Corporate Bitcoin Adoption Context

Figma's approach reflects an emerging middle ground among publicly traded companies. Rather than committing fully to direct Bitcoin purchases or avoiding cryptocurrency entirely, a growing number of firms are utilizing spot Bitcoin ETFs to gain exposure while preserving the liquidity and regulatory clarity favored by CFOs and auditors.

With $91 million in Bitcoin ETFs against a $1.6 billion liquidity position, cryptocurrency represents approximately 5.7% of Figma's total liquid assets. The board's pre-authorized $30 million in additional Bitcoin investment capacity indicates the company could expand its position, though Field's public remarks suggest any growth would be deliberate and incremental. Whether other newly listed software companies adopt similar supplementary crypto allocations — and how institutional shareholders respond — remains an open question as more firms navigate post-IPO treasury policy.