Figma relies on Bitcoin: Largest tech company plans IPO on the NYSE!

Figma relies on Bitcoin: Largest tech company plans IPO on the NYSE!

Figma, the popular design software company, officially filed for an initial public offering (IPO) today. The planned IPO is to take place on the New York Stock Exchange (NYSE). With this, Figma is attracting the attention of investors, especially with its increasing investments in Bitcoin.

In filing its IPO application, Figma disclosed that the company currently holds $70 million worth of Bitcoin in a Bitcoin ETF. Figma also plans to invest an additional $30 million in Bitcoin, with these funds to be funded by USDC. The company is currently apparently examining how it can further expand its Bitcoin strategy in order to benefit from the cryptocurrency's increase in value.

Growth figures and customer bases

Figma reported a notable 46% increase in revenue in the first quarter, reaching $228.2 million, compared to $156.2 million a year ago. Net profit increased significantly to USD 44.9 million, from just USD 13.5 million in the previous year. These figures confirm the company's constant growth and the increasing demand for its services.

Figma now serves over 450,000 customers, including well-known companies such as Netflix, Duolingo and Stripe. Over 85% of Figma's monthly active users are international, contributing to 53% of revenue. International expansion could represent an ignored opportunity for Figma in the future to further grow and strengthen its market position.

Bitcoin strategy and potential risks

Bitcoin has established itself as a valuable investment instrument within the tech industry in recent years. Figma’s decision to invest in Bitcoin could position the company as innovative. Bitcoin is often considered “digital gold” due to its potential long-term appreciation. However, this strategy also carries risks: Bitcoin's high volatility can lead to short-term losses, which could affect the company's valuation before the IPO.

Figma's exposure to Bitcoin could encourage other tech companies to pursue similar strategies. Investors will be watching closely to see how Figma deals with these challenges and what role Bitcoin will ultimately play in the company's portfolio. Figma's board approved the purchase of $30 million in Bitcoin back in May, a move that could theoretically cushion short-term price fluctuations.

Overall, Figma's move will not only impact its own market position, but could also trigger a stronger trend in the technology industry towards investing in cryptocurrencies. Figma currently plans to trade on the New York Stock Exchange under the ticker “FIG,” although the exact number of shares it will offer and the price are not yet known. The company was last valued at $12.5 billion in 2023, and major venture firms such as Index Ventures, Greylock and Sequoia currently hold substantial shares.

How Bitcoin's strategy will impact the upcoming IPO remains to be seen, but all signs point to Figma standing at the intersection of technology and financial innovation, promising an exciting chapter for the company and the industry as a whole.

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