Figma submitted documents to the SEC to make it public. The San Francisco-based design software company announced on March 31 that it owns $69.5 million in Bitcoin ETF.
On May 8, the company’s board of directors approved a $30 million Bitcoin investment plan. As part of the move, Figma purchased an equivalent amount of USDC for conversion to Bitcoin.
Another corporate Bitcoin holder would like to be published in the US
Founded in 2016, Figma offers browser-based tools for real-time design collaboration. It is widely used throughout the high-tech industry for its interface and product design.
The company has expanded rapidly over the past few years. In 2022, Adobe was planning to acquire Figma for $20 billion.
However, US and European regulators opposed the contract, and the parties dropped their plans in late 2023.
Meanwhile, the publication of Figma adds to the broader trend of encrypted companies entering the open market.
Companies such as Coinbase, Circle and Robinhood have recently surpassed most Altcoins in their performance in the year.
Last week, Coinbase stocks surged to an all-time high of $380, showing a 53% increase since January. Circle stocks won 10% as investors continue to bet on growth after the public list.
MicroStrategy, known for its large Bitcoin reserve, has also recovered. The stock has grown 25% this year.
Analysts are currently estimateing the 91% chance of being added to the S&P 500 based on their forecast revenue and Bitcoin support level at $95,240.
The filing of Figma reflects the broader changes public companies see Bitcoin as a strategic reserve asset. As more companies disclose their crypto positions, investors are responding with strong interest.
Overall, it is becoming an interesting trend that more and more US public companies are investing in Bitcoin and holding it as a financial asset.
There is concern among large corporate holders that drive centralization and price movements, but this is another clear signal for acceptance of the system.
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