Another Bitcoin-Holding Tech Firm Seeks US Public Listing

Figma has submitted paperwork to the SEC to go public. The San Francisco-based design software firm disclosed it held $69.5 million in spot bitcoin ETFs as of March 31.

On May 8, the company’s board approved a $30 million bitcoin investment plan. As part of this move, Figma purchased an equivalent amount of USDC for conversion into bitcoin.

Another Corporate Bitcoin Holder Wants to Go Public in the US

Founded in 2016, Figma provides browser-based tools for real-time design collaboration. It is widely used across the tech industry for interface and product design.

The company expanded rapidly over the past few years. In 2022, Adobe planned to acquire Figma for $20 billion. 

However, regulators in the US and Europe opposed the deal, and both parties dropped the plan in late 2023.

Meanwhile, Figma’s public filing adds to a broader trend of crypto-aligned firms entering public markets. 

Companies like Coinbase, Circle, and Robinhood have recently outpaced most altcoins in year-to-date performance.

Last week, Coinbase stock surged to an all-time high of $380, marking a 53% increase since January. Circle shares gained 10% as investors continue to bet on its growth after its public listing.

MicroStrategy, known for its large Bitcoin reserves, has also rallied. Its shares are up 25% this year. 

Analysts now estimate a 91% chance it could be added to the S&P 500, based on projected earnings and Bitcoin’s support level holding at $95,240.

Figma’s filing reflects a wider shift where public companies see Bitcoin as a strategic reserve asset. As more firms disclose crypto positions, investors are responding with strong interest.

Overall, it’s becoming an interesting trend that US publicly listed companies are increasingly shifting to invest in Bitcoin and hold it as a treasury asset.

While there are concerns about centralization and large corporate holders driving price movements, this is another clear signal of institutional acceptance.