Collaborative Design Software Company’s Figma (Figure) has expanded Bitcoin BTC$109,741.83 With holdings of up to $91 million in the second quarter of this year, the company disclosed Wednesday during its revenue call.
The move, revealed by Chief Financial Officer Praveer Melwani, comes as part of a larger $1.6 billion cash job. “Within $1.6 billion, we have approximately $91 million in the Bitcoin Exchange Sales Fund,” Melwani said.
Opened on the New York Stock Exchange in July, Figma spent several eventful years. Adobe’s planned $20 billion acquisition collapsed in 2023 after regulators raised antitrust concerns. Since then, the company has continued to grow its customer base, including 95% of the Fortune 500.
Unlike some companies that have turned to Bitcoin Holdings as a final ditch effort to excite investors and keep their core businesses away from decline, Figma’s approach appears to be more conservative.
“I’m not trying to become Michael Saylor here,” CEO Dylan Field told CNBC, referring to the co-founder of MicroStrategy, known for turning the former sleepy software company into a major Bitcoin holder. “This is not a Bitcoin holding company. It’s a design company, but I think the balance sheet has its place as part of a diverse financial strategy.”
Neither increased Bitcoin exposure nor higher than expected revenue growth boosted investors’ sentiment, at least in the short term. Despite falling below revenue expectations, Figma’s shares fell 18% on Thursday, closing at $55.96. It exceeds the price of the IPO, but it’s down about 50% from the peak of the rabid IPO day.
When Figma quietly adds Bitcoin to the Treasury, another name will be added to the list of public companies experimenting with digital assets as part of their financial infrastructure, but in many cases there is no sight or evangelism associated with the move.
For now, Bitcoin remains a small slice of Figma’s balance sheet.
