Shares of Figma dropped by 14% after the company released its first earnings report since going public in July. While revenue exceeded projections, investors focused on timing risks tied to a looming share lockup expiry and Figma’s exposure to Bitcoin. 📈 📉 💰 🔐 📈
Figma holds $90.8 million in a Bitcoin ETF, part of its $1.6 billion in cash and equivalents. CEO Dylan Field acknowledged this decision, stating that the company is not seeking to replicate the approach of firms like MicroStrategy but believes incorporating Bitcoin into their balance sheet is strategic.
This move aligns with growing trends among Nasdaq-listed companies who are incorporating crypto-native treasury strategies, similar to BitMine Immersion and Strategy which hold Ethereum and Bitcoin respectively. The post-IPO lockup expiry on September 4th (25% of shares available for sale) also contributed to the sell-off, alongside another significant portion coming off lockup in August 2026.
Although Figma’s earnings were better than anticipated, its crypto disclosures and market reaction offer a glimpse into how digital asset exposure is influencing public equity. The scrutiny of Treasury-linked crypto plays on the Nasdaq will likely continue to shape investor behavior as more firms adopt similar strategies for post-IPO capital deployment.
The decline in Figma shares highlights the ongoing reality: holding Bitcoin may be strategic, but it also raises questions that Wall Street hasn’t fully answered yet.
**Also read:** Bitget launches tokenized stock trading with Ondo Finance