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

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 ...