Core Viewpoint - Figma is not positioning itself as a Bitcoin holding company but rather as a design company that sees value in Bitcoin as part of a diversified treasury strategy [2][4]. Company Summary - Figma reported holding $91 million in Bitcoin exchange-traded funds, an increase from $70 million prior to its public debut [2]. - The company achieved $249.6 million in Q2 revenue, reflecting a 41% increase from $177.2 million the previous year, surpassing analysts' expectations of $248.8 million [8]. - Figma's net income for the quarter was reported at $28 million [9]. - Despite positive revenue growth, Figma's stock fell 28% from nearly $69 to about $50 due to concerns over slowing growth [11]. - Revenue growth has decreased from 46% in Q1 to 41% in Q2, with expectations of further decline in the current quarter [12]. Industry Summary - A trend has emerged where several firms are transitioning to become Bitcoin proxies to enhance shareholder value, prompting increased supervision from Nasdaq [5]. - Since January, at least 184 firms have committed to raising over $132 billion for cryptocurrency purchases, a significant increase from $33.6 billion raised by 10 firms before this year [5][6].
'We're Not Trying To Be Michael Saylor,' Figma CEO Dylan Field Says The Firm Is Not A Bitcoin Holding Company Despite BTC ETF Holdings