The tech and cryptocurrency worlds are intersecting once again as a leading design platform steps into the public spotlight. In a recently filed S-1 registration statement, the company revealed not only its intent to go public but also a bold financial strategy: holding $70 million in Bitcoin exchange-traded fund (ETF) assets. This move underscores a growing trend among innovative tech firms to diversify treasury reserves with digital assets.
Beyond Bitcoin, the filing discloses an additional $30 million allocated to USDC, a stablecoin pegged to the U.S. dollar. The company plans to use these funds for future Bitcoin purchases, signaling long-term confidence in the asset’s value and utility. As anticipation builds for what could be one of 2025’s most watched initial public offerings (IPOs), investors and crypto enthusiasts alike are paying close attention.
Cloud-Based Design Powerhouse Readies for Public Debut
Founded in 2012 by a computer scientist and graphic designer, this San Francisco-based innovator has quietly built one of the most influential cloud-based design platforms in the world. Known for its intuitive interface and collaborative features, the company enables users to create freely using simple, browser-based tools—democratizing design for individuals and enterprises alike.
Under the proposed ticker symbol “FIG,” the company has officially submitted its IPO filing with U.S. regulators, marking a pivotal milestone in its decade-long journey. The platform gained early traction, securing $3.8 million in seed funding just one year after launch from prominent investors including Index Ventures and Terrence Rohan.
From December 2015 through May 2021, it raised $129 million across Series A through D funding rounds. By mid-2021, its valuation surged to $10 billion, earning it coveted unicorn status. A subsequent Series E round brought in an additional $200 million, further fueling expansion and product development.
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Financial performance remains robust. According to the S-1 filing, the company reported $749 million in revenue by the end of 2024—an impressive 48% year-over-year growth compared to 2023. This consistent upward trajectory highlights strong market demand and sustainable business modeling.
Its client roster reads like a who’s who of global innovation: ServiceNow, Netflix, Airbnb, Stripe, Mercado Libre, Amazon Web Services (AWS), and HP are among its enterprise partners. Yet the platform is equally accessible to freelancers, solo founders, creative studios, and small businesses—proving scalability without sacrificing inclusivity.
Setback with Adobe Paves Way for Independence
In September 2022, Adobe announced plans to acquire the company for $20 billion—a deal that would have reshaped the creative software landscape. Then-CEO Shantanu Narayen described the potential merger as “transformational,” emphasizing how it would accelerate collaborative creativity through integrated tools.
However, regulatory scrutiny quickly followed. Critics argued the acquisition could reduce competition, especially since the platform competed directly with Adobe XD, Adobe’s own UI/UX design tool. Concerns over market consolidation prompted investigations by both the European Commission and the UK’s Competition and Markets Authority (CMA).
By late 2023, Adobe and the company jointly announced they were abandoning the merger due to “no clear path to receive necessary regulatory approvals.” As stipulated in their agreement, Adobe paid a $1 billion reverse breakup fee—a rare but strategic safeguard that ultimately benefited the independent firm.
Rather than stalling momentum, this setback appears to have strengthened resolve. Freed from integration pressures, the company refocused on innovation, user experience, and financial strategy—culminating in its current IPO ambitions.
Bitcoin Adoption Gains Momentum Among Tech Leaders
The disclosure of $70 million in Bitcoin ETF holdings places this design leader at the forefront of corporate crypto adoption. It joins a growing list of public and private companies integrating Bitcoin into their treasury management strategies—not as speculation, but as a long-term hedge against inflation and currency devaluation.
According to data from BitcoinTreasuries.org, 141 public and 42 private companies now collectively hold 5.7% of all circulating Bitcoin, while ETFs and institutional funds hold approximately 7%. Remarkably, for three consecutive quarters, corporate buyers have outpaced ETFs in net Bitcoin accumulation—a trend analysts attribute to increasing regulatory clarity and macroeconomic uncertainty.
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Regulatory developments have played a key role in this shift. Recent policy adjustments, particularly those initiated during the Trump administration and continued into 2025, have created a more favorable environment for public companies to engage with crypto assets. Greater clarity around tax treatment, custody solutions, and disclosure requirements has reduced compliance risks and encouraged broader participation.
This strategic allocation isn’t isolated. Major corporations across tech, finance, and manufacturing are reevaluating their cash reserve policies in light of rising national debts and monetary expansion. Bitcoin, with its capped supply of 21 million coins, offers a compelling alternative to traditional low-yield instruments.
Why Hold Bitcoin via ETFs?
Choosing ETFs over direct Bitcoin ownership reflects a prudent balance between exposure and compliance. ETFs offer several advantages:
- Regulatory compliance: Easier integration into audited financial statements.
- Institutional-grade custody: Reduces risk of loss or theft.
- Liquidity: Can be traded on traditional markets without managing private keys.
- Board approval feasibility: More palatable to conservative stakeholders than self-custody solutions.
For a company preparing for public listing, these factors make ETFs an ideal entry point into digital asset investing.
Frequently Asked Questions (FAQ)
Q: Why would a design company invest in Bitcoin?
A: Like many tech-forward firms, it views Bitcoin as a strategic reserve asset—similar to gold or foreign currencies—that can protect value over time and diversify financial risk.
Q: Does holding Bitcoin affect the company’s valuation?
A: Yes. While volatile in the short term, Bitcoin holdings can enhance shareholder equity if prices rise. They also signal innovation and financial foresight to investors.
Q: Is this common among pre-IPO tech companies?
A: Increasingly so. With rising inflation and low bond yields, companies are exploring alternative stores of value. Figma is among the first major design platforms to take this step publicly.
Q: How does USDC fit into their strategy?
A: USDC provides stability while maintaining flexibility. By holding dollars on-chain, the company can execute Bitcoin purchases quickly when market conditions are favorable.
Q: Will they continue buying Bitcoin after going public?
A: While future plans depend on board decisions and market conditions, the stated intent is to use USDC reserves for ongoing Bitcoin acquisition—indicating a long-term commitment.
Q: Could this influence other SaaS or creative tech firms?
A: Absolutely. As more companies disclose crypto holdings, peer pressure and competitive positioning may drive wider adoption across the sector.
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Final Thoughts: Innovation Beyond Design
This IPO filing represents more than just a financial milestone—it reflects a new era where technology companies are not only building digital futures but also redefining corporate finance. By embracing Bitcoin through regulated ETFs and maintaining a growth-focused business model, the company demonstrates that innovation extends beyond product design into balance sheet strategy.
As markets await its NYSE debut, one thing is clear: the convergence of mainstream tech and digital assets is accelerating—and companies that adapt early may gain lasting advantages.
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