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- Figma stock plunged nearly 20% after its first earnings report as a public company.
- The firm disclosed nearly $91M in Bitcoin holdings, sparking investor concerns.
- CEO Dylan Field stressed Figma remains a design company, not a Bitcoin treasury.
Figma (FIG), the design software company that went public only weeks ago, saw its shares tumble nearly 20% on Thursday, closing at $54.56. The sharp drop came despite Figma reporting $249.6 million in Q2 revenue, a 41% year-over-year increase that slightly beat Wall Street expectations. The company also projected adjusted operating income of $88–$98 million for 2025, in line with analyst forecasts.
The market’s reaction suggests that investors were more focused on other factors—most notably, Figma’s growing Bitcoin exposure.
Bitcoin Holdings Spark Comparisons to MicroStrategy
In filings with the U.S. Securities and Exchange Commission (SEC), Figma disclosed that it now holds nearly $91 million in Bitcoin, up from about $70 million in July. The position is managed through a Bitcoin ETF.
The revelation immediately drew comparisons to MicroStrategy, which famously turned Bitcoin into a core treasury strategy beginning in 2020. However, CEO Dylan Field pushed back on the narrative, telling CNBC: “This is not a Bitcoin holding company. It’s a design company.”
Field framed the Bitcoin allocation as a hedge and diversification move, not a fundamental business shift. He emphasized that Figma’s long-term focus remains design software and enterprise collaboration tools.
Investor Concerns Over Volatility
Despite management’s reassurances, investors appear uneasy. Bitcoin remains a highly volatile asset, and its inclusion on the balance sheet has raised concerns about risk exposure for a newly public firm. For some, the move signals unnecessary distraction from Figma’s core mission at a time when it is competing aggressively in the design software market.
Others argue the sell-off may reflect post-IPO volatility, as markets reassess valuation after Figma’s early trading surge to $122 in August.
The Bigger Picture: Bitcoin Treasuries Trend
Figma is not alone. Over the past few years, major companies like Tesla, Block, and Coinbase have disclosed Bitcoin holdings, joining a growing category of “Bitcoin treasuries.” Still, unlike MicroStrategy, Figma has sought to distance itself from that identity.
Design First, Bitcoin Second
Figma’s debut earnings as a public company highlighted both impressive revenue growth and investor skepticism. While Bitcoin exposure adds complexity, the firm’s strong fundamentals suggest its design-first growth story remains intact. For now, CEO Dylan Field is standing firm: Figma is a software company first, not a crypto treasury. Whether Wall Street accepts that message may determine the stock’s next move.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
