Excel can fade a picture so text or data shows through, which is useful for watermarks and dashboard backgrounds. Use the Transparency presets, or set an exact percentage in the Format Picture pane.
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Method 1: Transparency presets
Select the picture → Picture Format → Adjust → Transparency, and pick a level from 0% to 95%. Point at each to preview it.
Method 2: Exact percentage
Right-click the picture → Format Picture → Picture tab → Picture Transparency, then drag the slider or type a value.
Remove one colour
To make just the white background clear, such as around a logo, use Picture Format → Color → Set Transparent Color and click the colour to remove.
Older Excel versions
Excel 2019 and earlier don’t have picture transparency. Draw a rectangle, then Format Shape → Fill → Picture or texture fill, insert the picture, and set the fill’s Transparency slider.