Figma discloses $70M Bitcoin exposure via Bitwise ETF in IPO filing, plans another $30M buy

Figma’s archetypal nationalist offering (IPO) prospectus reveals that the plan bundle institution holds astir $69.5 cardinal of the Bitwise Bitcoin ETF (BITB).

According to a July 1 filing, a array lists the ETF nether level-1 marketable securities astatine $69.533 million. 

The papers besides stated that the committee authorized a $55 cardinal acquisition connected March 3, 2024, implying that the presumption has appreciated by astir 27% since the acquisition. 

A abstracted enactment records a May 8 committee solution to acquisition $30 cardinal of USDC “for re-investment into Bitcoin astatine a aboriginal date,” providing the institution with an further excavation of dollar-pegged superior earmarked for aboriginal accumulation.

By accumulating a stablecoin first, the steadfast tin clip conversions without disrupting operating currency and hedge short-term terms swings betwixt committee support and execution. 

The disclosure places Bitcoin alongside wealth marketplace funds, US Treasuries, and firm bonds successful Figma’s currency absorption mix. 

The $69.5 cardinal involvement equals astir 4% of Figma’s $1.07 cardinal successful cash, currency equivalents, and marketable securities reported arsenic of March 31. The steadfast did not specify the nonstop fig of BITB shares it holds.

Figma’s S-1 is up of a planned listing that follows the illness of Adobe’s $20 cardinal takeover effort successful 2023. 

The filing confirms reports that the institution confidentially filed for an IPO successful April arsenic equity markets reopened for venture-backed bundle names. Figma joins a growing cohort of operating companies that allocate portion of their treasury to Bitcoin.

The prospectus does not acceptable a timeline for converting the $30 cardinal USDC tranche, though the further allocation suggests the institution views Bitcoin arsenic a strategical reserve alternatively than a short-term trade.

The filing offers nary commentary connected hedging oregon impairment policy. Under US GAAP, unrealized gains connected an ETF classified arsenic a information travel done different broad income, insulating nett income from mark-to-market volatility unless shares are sold.

The station Figma discloses $70M Bitcoin vulnerability via Bitwise ETF successful IPO filing, plans different $30M buy appeared archetypal connected CryptoSlate.