Figma’s first public offering (IPO) prospectus reveals that the design software company owns approximately $69.5 million for the Bitwise Bitcoin ETF (BITB).
According to July 1st filingthe table shows a list of ETFs under level 1 marketable securities of $69.533 million.
The document also approved the $55 million purchase on March 3, 2024, and the board said it implies that the approximately 27% position has been highly valued since the acquisition.
Another memo records the board’s resolution on May 8, offering the company an additional pool of $30 million in USDC “to reinvest in Bitcoin at a later date” and obtaining the dollars allocated for future accumulation.
By accumulating Stablecoin first, the company can turn conversion time into time without disrupting operating cash and without hindering short-term price fluctuations between board approval and execution.
With this disclosure, Bitcoin is lined up with Money Market Funds, the US Treasury Department, and Figma’s cash management mix.
The $69.5 million shares represent approximately 4% of Figma’s $1.07 billion cash, cash equivalents and marketable securities reported as of March 31. The company did not specify the exact number of BITB stocks it would hold.
Figma’s S-1 is ahead of the planned list following the collapse of Adobe’s $20 billion acquisition attempt in 2023.
The filing confirms reports that the company secretly filed an IPO in April as the stock market resumed due to the venture-backed software name. Figma will be participating Sales Company Growth Cohort It allocates a portion of their Treasury to Bitcoin.
The prospectus does not set up a timeline for converting the $30 million USDC tranche, but the additional allocation suggests that the company sees Bitcoin as a strategic preparation rather than a short-term trade.
This filing does not provide commentary on hedging or impairment policies. Under US GAAP, unrealized profits from ETFs classified as security flows through other comprehensive revenues insulate net profits from mark to market volatility unless the stock is sold.
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