Figma, the collaborative design platform that went public in July 2025, disclosed approximately $91 million in Bitcoin exposure through exchange-traded funds during its Q2 2025 earnings call. The figure is part of a broader $1.6 billion liquidity position that includes cash, marketable securities, and the Bitcoin ETF allocation.

A claim circulating on social media suggested Figma held 938 BTC valued at $12 billion in Q2. Those numbers don’t hold up. The company’s actual Bitcoin exposure comes through spot Bitcoin ETFs, not direct holdings, and the valuation is roughly $91 million, not $12 billion.

How Figma got here

The company’s Bitcoin journey started with an approximately $55 million investment in the Bitwise Bitcoin ETF. By the end of 2024, that position had grown to $78.8 million.

When Figma filed for its IPO in July 2025, the company reported $69.5 million in spot Bitcoin ETF exposure as of March 31, 2025. That represented a decline from the year-end 2024 figure.

By the time CEO Dylan Field took the earnings call stage on September 4, 2025, the position had rebounded to around $91 million. The Bitcoin ETF exposure is categorized as a Level 1 asset in Figma’s filings, meaning it’s valued using quoted prices in active markets.

The company also has board approval to allocate an additional $30 million toward Bitcoin investments.

A deliberately boring Bitcoin strategy

Field made clear during the earnings call that the company has no interest in becoming the next MicroStrategy. MicroStrategy, now rebranded as Strategy, has made Bitcoin its entire corporate identity, accumulating tens of billions of dollars worth of the asset.

Field articulated a commitment to keeping crypto as an ancillary part of treasury management rather than letting it define the company’s financial strategy.

Current estimates suggest Figma’s position translates to roughly 767 to 843 BTC equivalent, valued somewhere between $49 million and $54 million based on more recent mid-2026 pricing data.

The bigger picture for corporate Bitcoin adoption

Figma’s strategy highlights an increasingly popular middle path for public companies. Rather than going all-in on direct Bitcoin purchases or ignoring crypto entirely, a growing cohort of firms is using spot Bitcoin ETFs to gain exposure while maintaining the kind of liquidity and regulatory clarity that CFOs and auditors prefer.

$91 million in Bitcoin ETFs against a $1.6 billion liquidity position means crypto represents roughly 5.7% of Figma’s total liquid assets.

The board’s pre-approval of an additional $30 million in potential Bitcoin investment suggests Figma could increase its position, but Field’s public comments indicate any expansion would be measured and deliberate.