Figma’s preliminary public offering (IPO) prospectus reveals that the invent procedure firm holds roughly $69.5 million of the Bitwise Bitcoin ETF (BITB).
In accordance with a July 1 submitting, a table lists the ETF below stage-1 marketable securities at $69.533 million.
The doc also mentioned that the board authorized a $55 million aquire on March 3, 2024, implying that the region has most neatly-liked by roughly 27% since the acquisition.
A separate display info a Could well well also merely 8 board resolution to aquire $30 million of USDC “for re-investment into Bitcoin at a later date,” offering the firm with a further pool of greenback-pegged capital earmarked for future accumulation.
By gathering a stablecoin first, the company can time conversions without disrupting working cash and hedge brief-term designate swings between board approval and execution.
The disclosure locations Bitcoin alongside money market funds, US Treasuries, and company bonds in Figma’s cash administration combine.
The $69.5 million stake equals roughly 4% of Figma’s $1.07 billion in cash, cash equivalents, and marketable securities reported as of March 31. The company did no longer specify the correct option of BITB shares it holds.
Figma’s S-1 is sooner than a deliberate list that follows the give plot of Adobe’s $20 billion takeover try in 2023.
The submitting confirms experiences that the firm confidentially filed for an IPO in April as equity markets reopened for challenge-backed procedure names. Figma joins a rising cohort of working companies that allocate phase of their treasury to Bitcoin.
The prospectus doesn’t space a timeline for converting the $30 million USDC tranche, although the additional allocation suggests the firm views Bitcoin as a strategic reserve in region of a transient-term trade.
The submitting provides no commentary on hedging or impairment policy. Under US GAAP, unrealized gains on an ETF labeled as a security waft by diverse comprehensive earnings, insulating fetch earnings from save-to-market volatility until shares are sold.
