Bitcoin Proponent Eyes Shift in Corporate Treasury Plans with Prices Stuck in Place

Figma Unveils $100M Bitcoin Treasury Plan in IPO Disclosure

Design software powerhouse Figma has revealed a significant bitcoin investment strategy as it prepares to go public, announcing it currently holds $70 million in bitcoin ETFs and intends to purchase another $30 million in spot BTC.

The popular collaborative design platform, which boasts a user base across 95% of Fortune 500 companies, reported $871 million in revenue over the past year—a 49% increase from the previous period—according to its newly filed IPO paperwork.

Bitcoin advocate Marty Bent, founder of the media outlet TFTC and managing partner at bitcoin-focused venture firm Ten31, praised Figma’s move as a bullish indicator for bitcoin adoption among established tech companies.

“Figma is an extremely well-run company, loved by designers across the industry,” Bent wrote in an essay titled This Is The Way. “Their decision to gain exposure via bitcoin ETFs and direct bitcoin purchases is hugely bullish.”

Unlike some recent corporate bitcoin adopters lacking meaningful business operations, Figma stands out as a revenue-generating company with a widely used product that’s now choosing to diversify its treasury with bitcoin holdings. Bent believes other private firms might soon follow Figma’s lead, revealing similar bitcoin positions when they pursue public listings.

“Once enough respected businesses disclose bitcoin on their balance sheets, it will become standard,” Bent added. “Before long, it may be considered risky for startups not to hold bitcoin, even if they’re not directly in the crypto space.”

Long-Term Holders Influence Market Dynamics

Despite positive headlines about institutional buying and spot bitcoin ETF inflows, bitcoin’s price has struggled to push decisively higher, hovering under the $110,000 mark.

On-chain analyst James Check identified significant selling by long-term holders as a major reason for recent price stagnation. Speaking with Bent, Check estimated that selling activity has peaked at around 40,000 BTC daily.

“The fact that the market has managed to absorb this level of selling and still remain above $107,000 is actually very bullish,” Check noted, countering claims that the price is being suppressed by market manipulation or excessive ‘paper bitcoin.’