Figma has submitted documents to the SEC for listing. The design software company based in San Francisco revealed that it holds $69.5 million in physical Bit Bitcoin ETF as of March 31.
On May 8, the company's board approved a $30 million Bit Bitcoin investment plan. As part of this move, Figma purchased an equivalent amount of USDC to convert to Bit Bitcoin.
Another Corporate Bit Bitcoin Holder Wants US Listing
Founded in 2016, Figma provides a browser-based tool for real-time design collaboration. It is widely used across the tech industry for interface and product design.
The company has expanded rapidly in recent years. In 2022, Adobe planned to acquire Figma for $20 billion.
However, regulatory authorities in the US and Europe opposed this deal, and both parties withdrew the plan by the end of 2023.
Meanwhile, Figma's public document submission is contributing to the broader trend of crypto-related companies entering the public market.
Companies like Coinbase, Circle, and Robinhood have outperformed most altcoins this year.
Last week, Coinbase's stock reached an all-time high of $380, a 53% increase since January. Circle's stock rose 10% as investors continue to bet on post-listing growth.
MicroStrategy, known for large Bit Bitcoin holdings, also showed an upward trend. Its stock price has risen 25% this year.
Analysts estimate a 91% chance that Strategy will be added to the S&P 500 in the third quarter, which is highly likely if expected earnings and Bit Bitcoin support levels are maintained above $95,240.
Figma's document submission reflects a broader change in how public companies view Bit Bitcoin as a strategic reserve asset. Investors are showing strong interest as more companies disclose their crypto positions.
Overall, it is becoming increasingly interesting that US-listed companies are investing in and holding Bit Bitcoin as a financial asset.
While there are concerns about centralization and large holders potentially driving price movements, this is another clear signal of institutional acceptance.
