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**Figma Discloses $70 Million Bitcoin Exposure via Bitwise ETF, Plans Another $30 Million Buy**
In a surprise move, design software company Figma has revealed its significant exposure to the cryptocurrency market through an investment in the Bitwise Bitcoin ETF. The $69.5 million stake in the BITB ETF, as disclosed in their initial public offering (IPO) filing, marks a substantial allocation of their funds towards Bitcoin.
Furthermore, the company plans to expand this position by another $30 million, further solidifying its commitment to the digital asset. This move is a significant indication that institutional investors are increasingly looking to diversify their portfolios with crypto assets.
The data shows that Figma’s initial investment of $55 million has already yielded a remarkable 27% return, which highlights the potential for cryptocurrency investments in the long-term. The company’s decision to reinvest this gain underscores its confidence in the digital asset’s performance and its willingness to ride out market fluctuations.
This revelation adds to the growing list of corporate treasuries that are increasingly allocating their funds towards Bitcoin, with total buys doubling in H1. This shift is a testament to the increasing mainstream acceptance of cryptocurrencies as a viable investment option for institutional investors.
The inclusion of Bitcoin alongside money market funds, US Treasuries, and corporate bonds in Figma’s cash management mix further solidifies its long-term commitment to the asset class. The Bitwise Bitcoin ETF provides an opportunity for institutional investors like Figma to gain exposure to the largest cryptocurrency by market capitalization while avoiding direct spot holdings.
In conclusion, this development is a significant indication of growing institutional interest in the crypto market, and we can expect more companies like Figma to follow suit in the future.
Source: cryptoslate.com
