Collaborative design software program firm Figma (FIG) expanded its bitcoin holdings to $91 million within the second quarter of this 12 months, 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 mentioned.
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.
Not like some companies which have turned to bitcoin holdings as a last-ditch effort to excite buyers or pivot away from declining core companies, Figma’s method seems extra conservative.
“We’re not attempting to be Michael Saylor right here,” CEO Dylan Discipline advised 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 believe there’s a spot for it within the stability 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, at the very least within the quick time period. Regardless of beating earnings expectations, Figma shares dropped 18% on Thursday, closing at $55.96. That is still 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 listing of public firms experimenting with digital property as a part of their monetary infrastructure — however with out the spectacle or evangelism typically related to the transfer.
For now, bitcoin stays a small slice of Figma’s stability sheet.