The document also stated that the board authorized a $55 million purchase on March 3, 2024, implying that the position has appreciated by roughly 27% since the acquisition.
By accumulating a stablecoin first, the firm can time conversions without disrupting operating cash and hedge short-term price swings between board approval and execution.
The disclosure places Bitcoin alongside money market funds, US Treasuries, and corporate bonds in Figma’s cash management mix.
The $69.5 million stake equals roughly 4% of Figma’s $1.07 billion in cash, cash equivalents, and marketable securities reported as of March 31. The firm did not specify the exact number of BITB shares it holds.
Figma’s S-1 is ahead of a planned listing that follows the collapse of Adobe’s $20 billion takeover attempt in 2023.
The prospectus does not set a timeline for converting the $30 million USDC tranche, although the additional allocation suggests the company views Bitcoin as a strategic reserve rather than a short-term trade.
The filing offers no commentary on hedging or impairment policy. Under US GAAP, unrealized gains on an ETF classified as a security flow through other comprehensive income, insulating net income from mark-to-market volatility unless shares are sold.
