Bitcoin News Today: Figma's Bitcoin Stake Sparks Valuation Debates Amid AI-Driven Margin Woes

Figma, a publicly traded design software company, has disclosed a $91 million stake in a Bitcoin exchange-traded fund as part of its $1.6 billion treasury, according to a statement by Chief Financial Officer Praveer Melwani during the company’s second-quarter earnings call. The investment, which was revealed on September 3, 2025, is positioned as a modest portion of Figma’s overall liquidity and part of a diversified treasury strategy, rather than an aggressive pivot toward cryptocurrency. CEO Dylan Field emphasized that the company is a design-focused business and not a “Bitcoin holding company,” distancing Figma from the high-profile crypto investments seen at firms like MicroStrategy [1].

The Bitcoin ETF position marks Figma’s continued evolution since its July 2024 initial public offering on the New York Stock Exchange. The company has faced significant market scrutiny in recent months, particularly following the collapse of a proposed $20 billion acquisition by Adobe in 2023 due to regulatory concerns. Despite these challenges, Figma has continued to expand its user base, with over 13 million monthly active users and 450,000 paying customers. However, its recent earnings report revealed a 41% year-over-year revenue increase to $249.6 million, which, while exceeding expectations, failed to reassure investors about its steep valuation. The company reaffirmed its full-year revenue forecast of $1.02 billion but also warned of margin compression driven by its expanding AI initiatives [2].

The company’s management has signaled a cautious approach to capital allocation and growth, with Field stating that Figma is willing to make “big bets” on promising opportunities but maintains a “very high bar for M&A at scale.” Melwani noted that the company’s AI-driven product rollouts, including FigmaMake and Dev Mode, are expected to increase inference costs and pressure gross margins in the near term. These developments have raised questions about the long-term sustainability of Figma’s profit model as it continues to integrate new technologies into its platform [3].

Figma’s stock reaction to its earnings report was mixed. Shares rose 3.90% during the session, closing at $68.13, but fell sharply in after-hours trading by 15.36%. The next day, shares dropped nearly 20%, trading at $54.56, according to Nasdaq data. Analysts from institutions like BofA Securities and Wolfe Research have cited the company’s 31.6x 2026 enterprise value-to-sales ratio as a concern, noting that it trades at a significant premium compared to peers. BofA lowered its price target from $85 to $69, citing valuation concerns, while Wolfe Research maintained a “peer perform” rating but highlighted the potential impact of a large employee share unlock scheduled for September 5. Both analysts pointed to the company’s expansion into new product lines, including Figma Make, Sites, and Draw, as a positive but cautioned that fundamentals may not support current stock valuations [4].

The Bitcoin ETF stake is not the only area of market interest. Figma’s treasury strategy has drawn comparisons to companies like MicroStrategy, which has transformed into one of the largest institutional Bitcoin holders. However, Figma’s CEO and CFO have been clear in distinguishing their approach, stating that their Bitcoin holdings are part of a broader diversification strategy rather than a speculative or strategic pivot toward cryptocurrency. Field, in particular, emphasized that Figma’s primary role is as a design software company, not as a crypto player. The company’s current exposure to Bitcoin remains relatively small—less than 6% of its total cash holdings—and is not expected to significantly impact its core operations [5].

Source:

[1] title1 (https://www.benzinga.com/markets/earnings/25/09/47492990/figma-discloses-91-million-bitcoin-etf-stake-in-its-1-6-billion-treasury-as-ceo-hints-at-ma-at-scale-amid-ai-driven-margin-pressures)

[2] title2 (https://finance.yahoo.com/news/figmas-shares-slide-following-earnings-234719050.html)

[3] title3 (https://finance.yahoo.com/news/figma-warns-upcoming-share-unlock-205354452.html)

[4] title4 (https://www.bitget.com/news/detail/12560604950863)

[5] title5 (https://finance.yahoo.com/news/10-public-companies-biggest-bitcoin-193206248.html)