Figma’s debut on the New York Stock Exchange turned heads this week as the design software powerhouse saw its shares surge by an eye-popping 198% on its first day of trading. The company, which raised a substantial $1.2 billion in its initial public offering (IPO) on Wednesday, initially priced its shares at $33 under the ticker symbol “FIG.” By Thursday, however, those shares were already exchanging hands for $98, propelling Figma’s valuation to a staggering $60 billion.
A Surprise Move into Bitcoin
While Figma is renowned for its design tools, it’s the company’s unexpected foray into cryptocurrency that has intrigued market watchers. Figma disclosed its ownership of approximately $70 million in the Bitwise Bitcoin ETF (BITB) and announced plans to acquire an additional $30 million in spot bitcoin (BTC). This move signals a burgeoning trend where Silicon Valley’s elite are increasingly turning their gaze toward digital assets as part of their corporate treasury strategies. As explored in our recent coverage of Standard Chartered’s institutional Bitcoin and Ethereum trading, the institutional interest in cryptocurrencies is gaining momentum.
“Figma’s leap into the Bitcoin realm could very well set a precedent,” suggests crypto analyst Laura Chen. “It’s a bold move that might embolden other tech firms to diversify their holdings in a similar fashion, especially as the regulatory landscape around cryptocurrencies continues to evolve.”
Riding the IPO Wave
The timing of Figma’s market entry seems serendipitous. The company capitalized on an IPO season that has been particularly favorable to crypto-related firms, such as Circle (CRCL) and eToro (TOR), both of which have enjoyed remarkable stock price appreciations amid increasing regulatory clarity in the United States. This regulatory certainty has undoubtedly provided a tailwind not just for crypto companies but also for tech firms with crypto aspirations. This follows a pattern of institutional adoption, which we detailed in our analysis of Crypto Fund JellyC’s partnership with Standard Chartered and OKX for secure crypto trading.
Interestingly, Figma’s current trajectory might have taken a different turn. The company was previously on the verge of being acquired by Adobe for $20 billion. However, that deal fell through in 2023, with Adobe paying a $1 billion termination fee. Some might say it was a blessing in disguise, given Figma’s impressive standalone success.
Implications for the Crypto Market
What does this mean for the broader cryptocurrency market? Figma’s substantial Bitcoin investment could be a harbinger of a new wave of institutional crypto adoption. While traditional finance sectors have shown hesitance, tech companies seem more willing to embrace the volatility and potential rewards of digital currencies.
Yet, as with any market trend, there are lingering questions about sustainability. Can Figma’s success spur a long-term shift in corporate treasury strategies, or is this merely a flash in the pan? And how will the crypto market react as more tech firms possibly follow in Figma’s footsteps?
As we look ahead, Figma’s journey offers a fascinating case study in the intersection of traditional finance, technology, and cryptocurrency. With its soaring stock and bold treasury strategy, Figma is not just riding the wave of a hot IPO market—it’s helping to shape the future of corporate finance in the digital age.
In the coming months, all eyes will be on Figma and its peers to see how these bold financial maneuvers play out. Will they herald a new era of crypto-heavy balance sheets? Only time will tell.
Source
This article is based on: Tech Darling Figma Soars 198% Following IPO; Holds $70M in Bitcoin ETF
Further Reading
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Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
