Figma disclosed ownership of nearly $70 million in Bitcoin ETFs as part of its S-1 filing while aiming to go public. The investment's fair value declined to $69.5 million as of March 31, 2025, affected by Bitcoin's volatility. The board previously approved a $55 million investment in a Bitcoin ETF operated by Bitwise, Inc., and authorized another $30 million investment in Bitcoin. Figma plans to convert $30 million in USDC into Bitcoin later. They reported significant unrealized gains but also recognized losses in early 2025.
We have an investment in a Bitcoin exchange-traded fund. The fair value of this investment was $69.5 million as of March 31, 2025. Changes in the fair value of this exchange-traded fund are impacted by the volatility of Bitcoin and changes in general economic conditions, among other factors.
On March 3, 2024, the Board of Directors approved an investment of $55.0 million into a Bitcoin exchange-traded fund ('ETF') investment fund operated by Bitwise, Inc.
Following the approval of an additional $30 million investment in Bitcoin, Figma purchased $30 million worth of the stablecoin USDC with plans to convert it into Bitcoin at a later date.
Figma reported $23.8 million in unrealized gains from equity investments for the year ending December 31, 2024, and $0.3 million for Q1 2024. However, it recognized $9.3 million in unrealized losses for Q1 2025.
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