Collaboration Design Software Company Figma (Fig) expanded his Bitcoin Holdings for $ 91 million in the second quarter of this year revealed the company on Wednesday under its earnings call.
The move, which is revealed by CFO Praveer Melwani, comes as part of a larger cash position of $ 1.6 billion. “Within $ 1.6 billion, we also had about $ 91 million in our Bitcoin Exchange-Traded Fund,” Melwani said.
Figma, published at the New York Stock Exchange in July, has had an eventful couple of years. A scheduled takeover of $ 20 billion by Adobe collapsed in 2023 after regulators raised anitrust problems. Since then, the company continued to grow its customer base, which includes 95% of Fortune 500.
Unlike some companies that have approached Bitcoin Holdings as a last ditch effort to excite investors or turn away from falling core companies, Figma’s approach seems more conservative.
“We’re not trying to be Michael Saylor here,” CEO Dylan Field told CNBC, referring to co-founder of Microstratey, known for making his former sleepy software business a major Bitcoin holder. “This is not like a Bitcoin holding company. It’s a design company, but I think there’s a place for that in the balance and as part of a diversified state treasury strategy.”
Neither the increase in Bitcoin exposure nor better than expected income increased investor mood, at least in the short term. Despite beating revenue expectations, Figma shares fell 18% on Thursday and closed at $ 55.96. It remains over the IPO, but down approx. 50% from the crazy IPO.
Figma’s quiet addition of Bitcoin to its Treasury adds another name to the list of public companies experimenting with digital assets as part of their financial infrastructure – but without a view or evangelization often associated with the move.
Currently, Bitcoin remains a small slice of Figma’s balance.
