Shares of Figma (FIG) rose 198% on its first trading day at the New York Stock Exchange after the company raised $ 1.2 billion for its first preliminary public offer on Wednesday (IPO).
Company Priced shares for $ 33 per Share under the ticker “Fig”, which appreciates the company at around $ 20 billion. The stock changed hands on $ 98 in initial trades on Thursday, hinting at a valuation closer to $ 60 billion.
Figma, a developer of design software, revealed earlier ownership approx. $ 70 million worth of BitWise Bitcoin ETF (Bitb) and said it plans to buy another $ 30 million worth of Spot Bitcoin (BTC).
While Figma is far from being a cryptic business, the fact that it holds Bitcoin may start a tendency for other Silicon Valley offers.
Read more: Bitcoin Bull Mulls different kinds of business box strategy when prices continue on wait
The company had signed an agreement with Adobe to be purchased for $ 20 billion, but the software company ended the agreement in 2023 and agreed to pay Figma a $ 1 billion termination fee.
Figma is the latest company that benefits from a hot IPO season where cryptic companies such as Circle (CRCL) or Etoro (Tor) have seen their share price and valuation Skyrocket in the phase of legislative clarity established in the US
