Figma holds Bitcoin ETF exposure worth around $91M, not the 938 BTC figure circulating online

Figma disclosed about $91 million of Bitcoin exposure via spot Bitcoin ETFs in its Q2 2025 earnings, correcting a social-media claim that it held 938 BTC worth $12 billion. The company’s crypto position is part of a $1.6 billion liquidity pool that includes cash and marketable securities. Figma’s allocation started at about $55 million in the Bitwise Bitcoin ETF, grew to $78.8 million by end-2024, fell to $69.5 million as of March 31, 2025, then recovered to around $91 million by the September 4, 2025 earnings call. Management stressed it is pursuing a cautious, treasury-management approach rather than emulating MicroStrategy/Strategy’s aggressive Bitcoin accumulation. The board has also approved an additional $30 million for potential Bitcoin investment, suggesting room for incremental exposure. Market-wise, the story reinforces a growing corporate trend toward using regulated Bitcoin ETFs for balance-sheet exposure instead of direct coin ownership.