Figma’s $91M Bitcoin Bet Isn’t a ‘Michael Saylor’ Move, CEO Says

Collaborative design software company Figma (FIG) expanded its bitcoin (BTC) holdings to $91 million in the second quarter of this year, the company disclosed Wednesday during its earnings ￰0￱ move, revealed by Chief Financial Officer Praveer Melwani, comes as part of a larger $1.6 billion cash position. “Within the $1.6 billion, we also held approximately $91 million in our bitcoin exchange-traded fund,” Melwani said. Figma, which went public on the New York Stock Exchange in July, has had an eventful few years. A planned $20 billion acquisition by Adobe collapsed in 2023 after regulators raised antitrust ￰1￱ then, the company continued to grow its customer base, which includes 95% of the Fortune ￰2￱ some firms that have turned to bitcoin holdings as a last-ditch effort to excite investors or pivot away from declining core businesses, Figma’s approach appears more conservative.

“We’re not trying to be Michael Saylor here,” C EO Dylan Field told CNBC , referring to the co-founder of MicroStrategy, known for turning his previously sleepy software company into 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 it in the balance sheet and as part of a diversified treasury strategy.” Neither the increase in bitcoin exposure nor the better-than-expected revenue boosted investor sentiment, at least in the short ￰3￱ beating earnings expectations, Figma shares dropped 18% on Thursday, closing at $55.96. That remains above the IPO price, but down about 50% from the frenzied IPO-day peak.

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 the spectacle or evangelism often associated with the ￰4￱ now, bitcoin remains a small slice of Figma’s balance sheet.