Collaborative design software program firm Figma (FIG) expanded its bitcoin holdings to $91 million within the second quarter of this yr, the corporate disclosed Wednesday throughout its earnings name.
The transfer, revealed by Chief Monetary Officer Praveer Melwani, comes as half of a bigger $1.6 billion money place. “Throughout the $1.6 billion, we additionally held roughly $91 million in our bitcoin exchange-traded fund,” Melwani stated.
Figma, which went public on the New York Inventory Trade in July, has had an eventful few years. A deliberate $20 billion acquisition by Adobe collapsed in 2023 after regulators raised antitrust considerations. Since then, the corporate continued to develop its buyer base, which incorporates 95% of the Fortune 500.
In contrast to some corporations which have turned to bitcoin holdings as a last-ditch effort to excite traders or pivot away from declining core companies, Figma’s strategy seems extra conservative.
“We’re not making an attempt to be Michael Saylor right here,” CEO Dylan Area instructed CNBC, referring to the co-founder of MicroStrategy, identified for turning his beforehand sleepy software program firm into a significant bitcoin holder. “This isn’t, like, a Bitcoin holding firm. It’s a design firm, however I feel there’s a spot for it within the steadiness sheet and as a part of a diversified treasury technique.”
Neither the rise in bitcoin publicity nor the better-than-expected income boosted investor sentiment, not less than within the brief time period. Regardless of beating earnings expectations, Figma shares dropped 18% on Thursday, closing at $55.96. That continues to be above the IPO value, however down about 50% from the frenzied IPO-day peak.
Figma’s quiet addition of bitcoin to its treasury provides one other identify to the record of public firms experimenting with digital property as a part of their monetary infrastructure — however with out the spectacle or evangelism usually related to the transfer.
For now, bitcoin stays a small slice of Figma’s steadiness sheet.
