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Figma, the design software company that went public just weeks ago, saw its stock tumble almost 20% on Thursday after releasing its first quarterly earnings report as a public company. The firm’s CEO, Dylan Field, emphasized that Figma is “a design company, not a Bitcoin holding firm,” following disclosures that the company owns millions of dollars in Bitcoin.
Figma Stock Falls After First Quarterly Report
According to Nasdaq data, Figma’s stock (FIG) dropped nearly 20% in afternoon trading Thursday, closing at $54.56. That marks a steep decline from the $122 high the stock reached in early August, just days after its highly anticipated debut on the New York Stock Exchange.
The plunge followed Figma’s second-quarter earnings release on Wednesday. The company reported revenue of $249.6 million, representing 41% year-over-year growth and slightly surpassing Wall Street expectations. Figma also forecast adjusted operating income for 2025 in the range of $88 million to $98 million, compared with analysts’ consensus of $88 million.
Despite beating forecasts, the market reaction was sharply negative, with investors seemingly unimpressed by the guidance and uneasy about the firm’s Bitcoin exposure.
Bitcoin Holdings Raise Investor Questions
In July, Figma revealed that it had been holding a significant Bitcoin position through a Bitcoin exchange-traded fund (ETF). At that time, the holdings were valued at close to $70 million. A new filing with the U.S. Securities and Exchange Commission (SEC) this week showed that figure had grown to nearly $91 million.
The disclosure immediately drew comparisons to companies like MicroStrategy (recently rebranded as Strategy), which famously pioneered corporate Bitcoin treasury strategies beginning in 2020. MicroStrategy has since become the largest corporate holder of Bitcoin, with its strategy directly tied to stock performance.
But Figma’s leadership was quick to dismiss any suggestion that it was following the same playbook.
CEO Dylan Field: “We’re a Design Company”
Speaking to CNBC, CEO Dylan Field was clear about Figma’s priorities. “This is not a Bitcoin holding company,” he said. “It’s a design company.”
Field explained that the Bitcoin position is not intended to mirror MicroStrategy’s high-risk, high-reward strategy of leveraging corporate reserves to accumulate crypto. Instead, he framed the investment as a diversification move, describing it as a hedge rather than a core business strategy.
While Figma has acknowledged plans to expand its Bitcoin holdings in the future, its leadership stressed that the firm’s long-term vision remains centered on design software innovation and enterprise collaboration tools, not cryptocurrency speculation.
Why Investors Are Skeptical
The mixed signals appear to be weighing on investor sentiment. On the one hand, Figma is delivering strong revenue growth and continues to expand its presence in the competitive design software market. On the other, its decision to allocate a portion of corporate reserves into Bitcoin has raised concerns among some investors about volatility and risk exposure.
Bitcoin remains the most valuable cryptocurrency, but its price is notoriously unstable, capable of large swings in short periods. For a newly public company like Figma, such volatility could complicate its financial outlook.
Some analysts argue that the stock’s sharp decline reflects investor unease about whether the company is straying too far from its core mission. Others believe the sell-off may simply reflect post-IPO volatility as the market reassesses valuation after the initial hype.
The Broader Context: Bitcoin Treasuries in Corporate America
For years, the idea of corporations holding Bitcoin as part of their treasury strategy was considered far-fetched. Bitcoin was seen as too volatile and risky to be included on balance sheets. That perception shifted dramatically when MicroStrategy invested $425 million in Bitcoin in 2020, setting off a wave of corporate adoption.
Since then, several major firms—including Tesla, Block, and Coinbase—have disclosed Bitcoin holdings. This trend has blurred the lines between corporate treasury management and cryptocurrency speculation, creating a new category of companies informally known as “Bitcoin treasuries.”
Figma, however, appears to be distancing itself from that label, even as it holds nearly $91 million worth of the asset. The company insists that its core identity remains tied to software and design, not crypto investing.
Figma’s Growth Story Beyond Bitcoin
Founded in 2012, Figma started as a browser-based interface design tool and has since grown into one of the most widely used platforms for product design and collaboration. Its real-time, cloud-based model has made it a favorite among tech companies and startups, helping product and design teams work more efficiently across borders.
The company’s strong revenue growth underscores its position as a leader in the design software space. Analysts note that its long-term opportunity remains intact, especially as demand for collaborative digital tools continues to rise in an increasingly remote and hybrid work environment.
Outlook: Can Figma Regain Investor Confidence?
The road ahead for Figma will depend on whether it can reassure investors about its priorities. Continued revenue growth and product innovation could help stabilize sentiment, but its Bitcoin holdings may remain a source of debate.
If Bitcoin appreciates significantly, Figma’s treasury strategy could look savvy in hindsight. But if volatility triggers losses, critics may argue that the company strayed too far from its design-focused roots.
For now, CEO Dylan Field is sticking to his message: Figma is a design company first and foremost. Whether Wall Street believes him remains to be seen.
