Popular Design Company Applies For IPO, Filing Shows $70M in BTC ETF Holdings

Apart from the substantial inventory in the leading cryptocurrency, the document also shows that the company purchased $30M in USDC, which it intends to use for future Bitcoin buys.

The market expects this to be yet another highly anticipated IPO for 2025, after a failed acquisition by Adobe a few years ago.

Cloud-Based Platform With Plans To Go Public

Founded in 2012 by a computer scientist and graphics designer, the San Francisco-based company has filed for a public offering with the ticker “FIG”.

The idea behind the project was for anyone to “be creative by making free, simple & imaginative tools in a browser”.

It seems that it quickly caught on, as just the following year, they secured $3.8 million in seed funding from Index Ventures and Terrence Rohan.

From December 2015 to May 2021, the company raised an additional $129 million through A, B, C, and D-series funding, and its total valuation skyrocketed to $10 billion. A series E funding of $200 million was raised in June 2021.

Their revenue over the years has not been any less impressive, with the S-1 form stating $749M by the end of 2024, which was a 48% YoY (year-over-year) increase compared to 2023.

Some of the names they work with include ServiceNow, Netflix, Airbnb, Stripe, Mercado Libre, AWS, HP, etc. However, they are not exclusive to big businesses, as the services they offer cater to freelancers, solo founders, creative studios, and other small businesses.

A Leap Forward After a Step Back

The success of Figma was noticed by a big name in the design space – Adobe. In fact, they were so interested, they proposed a deal in September 2022 to buy them for $20 billion.

“Adobe’s greatness has been rooted in our ability to create new categories and deliver cutting-edge technologies through organic innovation and inorganic acquisitions,” said Adobe CEO Shantanu Narayen. “The combination of Adobe and Figma is transformational and will accelerate our vision for collaborative creativity.”

However, this deal was not widely accepted, as some viewed it as overvalued and potentially anticompetitive, given that the site was in direct competition with Adobe’s product, Adobe XD.

In February 2023, it was announced that the European Commission would review the deal under the European Union merger laws.

Later that same year, Adobe and Figma announced that the merger would be disbanded, as there was “no clear path to receive necessary regulatory approvals from the EU Commission and the UK Competition and Markets Authority.” A $1 billion reverse breakup fee was paid by Adobe to Figma, which was part of their initial agreement.

Fast forward to today, the company is still thriving, as evident in the numbers it has presented over the years, and its intention to go public on the New York Stock Exchange.

The Bitcoin Treasury Trend Continues

Figma is another in a now lengthy line of establishments that have announced they hold BTC.

As CryptoPotato reported, interest from corporations in the asset shows no signs of slowing down.

For a third consecutive quarter, companies have outpaced the purchases of Bitcoin from exchange-traded funds (ETFs).

141 public and 42 private companies now collectively hold 5.7% of the total circulating supply, while ETFs and other funds hold approximately 7%, according to data from BitcoinTreasuries.

This direction has been reinforced by the regulatory changes that have brought ease to the crypto world, as CNBC noted, under the Trump administration.