Tech Darling Figma Soars 198% Following IPO; Holds $70M in Bitcoin ETF

Shares of Figma (FIG) rose 198% on its first day of buying and selling on the New York Stock Exchange after the corporate raised $1.2 billion for its Wednesday preliminary public providing (IPO).

The agency priced shares at $33 a share underneath the ticker “FIG,” valuing the company at about $20 billion. The stock changed hands at $98 in initial trades on Thursday, suggesting a valuation closer to $60 billion.

Figma, a developer of design software, previously disclosed the ownership roughly $70 million worth of the 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 crypto company, the fact that it holds bitcoin could possibly start a trend for other Silicon Valley offerings.

Read more: Bitcoin Bull Mulls Different Kind of Corporate Treasury Strategy as Prices Continue on Hold

The agency had signed a cope with Adobe to be bought for $20 billion, however the software program firm terminated the deal in 2023, agreeing to pay Figma a $1 billion termination payment.

Figma is the most recent firm to benefit from a sizzling IPO season in which crypto corporations like Circle (CRCL) or eToro (TOR) have seen their inventory value and valuation skyrocket in the section of regulatory readability being established in the U.S.