Shares of Figma (FIG) rose 198% on its first day of buying and selling on the New York Inventory Trade after the corporate raised $1.2 billion for its Wednesday preliminary public providing (IPO).
The agency priced shares at $33 a share beneath the ticker “FIG,” valuing the corporate at about $20 billion. The inventory modified arms at $98 in preliminary trades on Thursday, suggesting a valuation nearer to $60 billion.
Figma, a developer of design software program, beforehand disclosed the possession roughly $70 million price of the Bitwise Bitcoin ETF (BITB) and mentioned it plans to purchase one other $30 million price of spot bitcoin (BTC).
Whereas Figma is much from being a crypto firm, the truth that it holds bitcoin might probably begin a pattern for different Silicon Valley choices.
Learn extra: Bitcoin Bull Mulls Different Kind of Corporate Treasury Strategy as Prices Continue on Hold
The agency had signed a cope with Adobe to be bought for $20 billion, however the software program firm terminated the deal in 2023, agreeing to pay Figma a $1 billion termination charge.
Figma is the training guides firm to make the most of a scorching IPO season by which crypto corporations like Circle (CRCL) or eToro (TOR) have seen their inventory value and valuation skyrocket within the part of regulatory readability being established within the U.S.