Figma IPO: The “Last Hope” of the Software Listing and a Bitcoin Bull — Could It Be the Next Circle?

TradingKey - With its upcoming IPO on the New York Stock Exchange, design software giant Figma has drawn significant investor attention. The company plans to raise $1.5 billion, potentially making it one of the largest tech IPOs in 2025.

Amid a long dry spell in software IPOs and the ongoing surge in crypto-related investments, analysts believe Figma could become a highly anticipated summer IPO.

In early July, Figma filed for IPO with the U.S. SEC, under the ticker “FIG”, with expectations that it will be listed on the NYSE. The fundraising amount is comparable to that of AI cloud provider CoreWeave, one of the most popular IPO candidates this year.

Three Key Catalysts for Figma’s IPO

Analysts highlight three main reasons why investors are watching Figma closely:

1. Rarity of high-quality software IPOs
2. Strong growth combined with profitability
3. Bitcoin-friendly balance sheet drawing interest from crypto investors

According to analysts at Third Bridge, Figma reported 46% year-over-year revenue growth in Q1, along with high customer retention and gross margin — positioning it alongside top-tier enterprise software companies. They expect investors to value Figma accordingly.

The firm also noted that while the software market has become increasingly selective, quality still commands a premium.

Since late 2021, only about a dozen enterprise software companies with over $50 million in funding have gone public in the U.S., marking an extreme cooling in software IPO activity. The last major software IPO was SailPoint , which raised $1.4 billion when it went public in February 2025 .

Some analysts argue that if Figma performs strongly, it could reignite momentum and encourage more tech firms to accelerate their IPO plans.

Bitcoin Exposure Adds Appeal

One unique feature of Figma’s IPO prospectus is its exposure to cryptocurrencies.

The company disclosed holding approximately $69.5 million in Bitcoin ETFs, and has been approved to allocate up to $30 million to stablecoin (USDC) purchases, with future reinvestment into Bitcoin.

This means Bitcoin-related assets account for roughly 5% of Figma’s total balance sheet, signaling strong crypto-friendliness — which may help attract investor demand amid the current digital asset boom.

So far in 2025, Circle, the issuer of USDC, and CoreWeave, a GPU-powered cloud infrastructure provider backed by NVIDIA, have both seen their shares more than double after listing.

However, Figma appears to outperform both in terms of fundamentals. In 2024, Figma’s revenue grew 48% year-over-year, followed by 46% growth in Q1 2025, with net income tripling.

Bloomberg reported that Figma’s rare combination of growth and profitability may spark similar enthusiasm as seen in the IPOs of Circle and CoreWeave.