Figma Prepares for IPO with Bitcoin Assets
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Figma, a San Francisco-based design software company, recently filed its IPO paperwork with the SEC.
In the filing, Figma revealed that it held $69.5 million worth of Bitcoin (BTC) in spot ETFs as of March 31. The move marks a new trend of crypto-related companies entering the U.S. public markets.
Founded in 2016, Figma has become a popular browser-based design collaboration tool in the tech industry. The company is known for its ability to enable real-time design collaboration, which is especially useful for professionals in the fields of interface and product design.
Figma’s rapid growth in recent years caught the attention of Adobe, which planned to acquire Figma for $20 billion in 2022. However, the acquisition plan faced resistance from regulators in the United States and Europe, leading both parties to cancel the plan in late 2023.
This decision paves the way for Figma to pursue alternative plans, including going public as an independent entity. The move is expected to give Figma more flexibility and resources to develop its products and services.
On May 8, Figma’s board of directors approved a $30 million Bitcoin (BTC) investment plan. As part of this strategy, Figma also purchased an equivalent amount of USDC, which was then converted into Bitcoin (BTC).
The decision to invest in Bitcoin (BTC) and include it as a strategic asset demonstrates Figma’s long-term view of the cryptocurrency’s value and stability.
This investment places Figma on the list of companies holding Bitcoin (BTC) and reflects a broader trend where public companies are starting to view Bitcoin (BTC) as a strategic reserve asset.
As more companies disclose their crypto positions, investors are showing strong interest. This is evident in the recent performance of stocks of companies like Coinbase, Circle, and Robinhood, which have outperformed most altcoins.
The stock performance of companies that hold Bitcoin (BTC) reserves such as MicroStrategy is also showing a positive trend. Their shares are up 25% this year, and analysts estimate that there is a 91% chance that MicroStrategy will be added to the S&P 500, based on revenue projections and Bitcoin (BTC) price support that remains at $95,240.
This phenomenon shows that the stock market is starting to respond to the integration of crypto assets in the portfolios of large companies. In addition, the success of these companies in the stock market can be an important indicator for other companies that may consider adopting a similar strategy.
Despite concerns about centralization and the influence of large holders on price movements, this is a clear signal of institutional acceptance of crypto.
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