2 days ago
Collaborative plan bundle institution Figma (FIG) expanded its bitcoin (BTC) holdings to $91 cardinal successful the 2nd 4th of this year, the institution disclosed Wednesday during its net call.
The move, revealed by Chief Financial Officer Praveer Melwani, comes arsenic portion of a larger $1.6 cardinal currency position. “Within the $1.6 billion, we besides held astir $91 cardinal successful our bitcoin exchange-traded fund,” Melwani said.
Figma, which went public connected the New York Stock Exchange successful July, has had an eventful fewer years. A planned $20 cardinal acquisition by Adobe collapsed successful 2023 aft regulators raised antitrust concerns. Since then, the institution continued to turn its lawsuit base, which includes 95% of the Fortune 500.
Unlike immoderate firms that person turned to bitcoin holdings arsenic a last-ditch effort to excite investors oregon pivot distant from declining halfway businesses, Figma’s attack appears much conservative.
“We’re not trying to beryllium Michael Saylor here,” CEO Dylan Field told CNBC, referring to the co-founder of MicroStrategy, known for turning his antecedently sleepy bundle institution into a large bitcoin holder. “This is not, like, a Bitcoin holding company. It’s a plan company, but I deliberation there’s a spot for it successful the equilibrium expanse and arsenic portion of a diversified treasury strategy.”
Neither the summation successful bitcoin vulnerability nor the better-than-expected gross boosted capitalist sentiment, astatine slightest successful the abbreviated term. Despite beating net expectations, Figma shares dropped 18% connected Thursday, closing astatine $55.96. That remains supra the IPO price, but down astir 50% from the frenzied IPO-day peak.
Figma’s quiescent summation of bitcoin to its treasury adds different sanction to the database of nationalist companies experimenting with integer assets arsenic portion of their fiscal infrastructure — but without the spectacle oregon evangelism often associated with the move.
For now, bitcoin remains a tiny portion of Figma’s equilibrium sheet.
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