Shares of Figma (FIG) rose 198% on its first day of trading on the New York Stock Exchange after the company raised $1.2 billion for its initial public offering (IPO) on Wednesday.
The firm priced shares at $33 each under the ticker “FIG,” valuing the company at around $20 billion. The stock traded at $98 in initial transactions on Thursday, indicating a valuation closer to $60 billion.
Figma, a developer of design software, previously revealed ownership of approximately $70 million in the Bitwise Bitcoin ETF (BITB) and stated plans to acquire an additional $30 million worth of spot bitcoin (BTC).
While Figma is not primarily a crypto company, its bitcoin holdings could potentially inspire a trend among other Silicon Valley firms.
Read more: Bitcoin Bull Mulls Different Kind of Corporate Treasury Strategy as Prices Continue on Hold
The firm had previously signed a $20 billion acquisition deal with Adobe, but the software company terminated this agreement in 2023, agreeing to pay Figma a $1 billion termination fee.
Figma is the latest company to capitalize on a vibrant IPO season in which crypto firms like Circle (CRCL) and eToro (TOR) have seen their stock prices and valuations soar amid increasing regulatory clarity in the U.S.
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