#Crypto Market Rebound#  Figma Files for IPO as Latest Bitcoin Owner

Figma has filed documents with the SEC to go public. The San Francisco-based design software company said it held $69.5 million worth of spot bitcoin ETFs as of March 31.

On May 8, the company’s board of directors approved a $30 million bitcoin investment plan. As part of the move, Figma purchased an equivalent amount of USDC to be converted into bitcoin.

Another Institutional Bitcoin Owner Seeks to IPO in the U.S.

Founded in 2016, Figma offers browser-based tools for real-time design collaboration. It is widely used in the tech industry for interface and product design.

The company has grown rapidly over the past few years. In 2022, Adobe plans to acquire Figma for $20 billion.

However, regulators in the US and Europe opposed the deal, and both sides scrapped the plan by the end of 2023.

Meanwhile, Figma’s public filing adds to a broader trend of crypto-friendly firms entering the public markets.

MicroStrategy, known for its large Bitcoin reserves, is also on the rise. Its shares have risen 25% this year.

Analysts now predict there is a 91% chance it could be added to the S&P 500, based on projected earnings and Bitcoin holding the $95,240 support level.

Figma’s filing reflects a broader shift in which public companies are starting to view Bitcoin as a strategic reserve asset. As more firms disclose their crypto positions, investors are showing strong interest.

Overall, it’s an interesting trend in the U.S. where public companies are increasingly looking to invest in Bitcoin and hold it as a treasury asset.

This is another clear sign of institutional acceptance, although concerns about centralization and large institutional owners driving price action remain.