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

What to know:

• In its first earnings report since going public in July, Figma revealed it now holds $91 million in bitcoin, part of its $1.6 billion cash reserves.
• The company CEO framed the move as a modest part of a broader treasury strategy, not a pivot to crypto speculation.
• Despite beating earnings expectations, Figma’s stock fell 18% Thursday, continuing a post-IPO slide.

Collaborative design software company Figma (FIG) expanded its bitcoin holdings to $91 million in the second quarter of this year, the company disclosed Wednesday during its earnings call.

The 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 concerns. Since then, the company continued to grow its customer base, which includes 95% of the Fortune 500.

Unlike 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,” CEO 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 term. Despite 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 move.

For now, bitcoin remains a small slice of Figma’s balance sheet.