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 response to a July 1 submitting, a desk lists the ETF underneath level-1 marketable securities at $69.533 million.
The doc additionally said that the board approved 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 data 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 value 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 stories 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 corporations 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 fairly than a short-term commerce.
The submitting gives no commentary on hedging or impairment coverage. Beneath US GAAP, unrealized positive aspects on an ETF categorized as a safety circulation by way of different complete revenue, insulating web revenue from mark-to-market volatility until shares are bought.
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