In a recent earnings call, Figma, the collaborative design software company, revealed a significant expansion of its bitcoin holdings, bringing the total to approximately $91 million in the second quarter of this year. Chief Financial Officer Praveer Melwani disclosed this move as part of a broader $1.6 billion cash position held by the company.
Figma, which went public on the New York Stock Exchange in July, has experienced a tumultuous journey in recent years. The company’s planned $20 billion acquisition by Adobe fell through in 2023 due to antitrust concerns raised by regulators. Despite this setback, Figma has successfully broadened its customer base to include 95% of the Fortune 500.
Unlike other companies that have turned to bitcoin as a panacea for sluggish growth or declining revenue, Figma is navigating the digital asset landscape with caution. CEO Dylan Field emphasized that Figma does not aspire to emulate the bitcoin-focused strategies of other firms, stating, “We’re not trying to be Michael Saylor here.” He added that while Figma is fundamentally a design company, incorporating bitcoin into its balance sheet is a strategic choice in line with a diversified treasury strategy.
Despite the bolstered bitcoin exposure and better-than-expected quarterly revenue, investor reactions did not reflect optimism. Figma’s shares plummeted 18% following the announcement, closing at $55.96. Although this price remains above its initial public offering (IPO) price, it marks a significant decline of approximately 50% from the peak observed on IPO day.
Figma’s measured approach to bitcoin adds the company to the growing roster of public entities exploring digital assets as part of their financial strategies, albeit without the high-profile claims and fervor commonly associated with such endeavors. Currently, bitcoin constitutes a small portion of Figma’s overall balance sheet, indicating a strategy primarily focused on maintaining operational integrity while considering emerging market opportunities.
