Figma shares plunged 14% in after-hours trading on Wednesday, just weeks after its July IPO, as the company reported its first earnings as a publicly listed firm. While revenue figures beat Wall Street expectations, the market’s focus quickly shifted to looming risks: a major share lockup expiry and the design platform’s newly disclosed Bitcoin exposure.
According to the filing, Figma holds roughly $90.8 million in a Bitcoin ETF, representing a small fraction of its $1.6 billion cash reserves. CEO Dylan Field downplayed comparisons to firms like MicroStrategy but acknowledged the company’s choice to diversify part of its treasury into digital assets. “We’re not trying to be Michael Saylor here,” Field said, “but we think there’s a place for it on the balance sheet.”
The move aligns Figma with a growing number of Nasdaq-listed companies experimenting with crypto-linked treasury strategies. Firms such as BitMine Immersion and MicroStrategy have already placed sizable portions of their reserves into Ethereum and Bitcoin, betting on long-term upside while signalling alignment with digital finance trends.
However, Figma’s Bitcoin bet coincides with another source of uncertainty: its lockup expiration. On September 4, about 25% of employee-held shares will become eligible for sale, with another 35% set to be unlocked in August 2026. Analysts warn that the combination of insider selling pressure and crypto-linked volatility could amplify market swings around the stock.
While its earnings report outpaced projections, Figma’s dual exposure to traditional IPO lockup dynamics and digital assets underscores a broader tension: Wall Street is still grappling with how to value companies blending conventional equity models with crypto-based treasury management. For investors, the question remains whether such moves enhance resilience—or simply add another layer of risk.
