Figma’s 14% Drop: Lockup Expiry, Bitcoin Exposure, and the Future of Design-Tech Treasuries

Figma’s recent 14% stock price drop in late August and early September 2025 has sparked renewed scrutiny of its corporate governance and treasury strategy. The decline, which followed the company’s first quarterly report as a public entity, coincided with the expiration of a significant portion of its lockup agreements and broader market skepticism about its growth trajectory. While Figma’s Bitcoin holdings—now totaling $91 million in ETFs—have been framed as a conservative diversification play, the stock’s volatility underscores the complex interplay between institutional crypto asset management and lockup expiry dynamics in design-tech firms.

Lockup Expiry and Short-Term Supply Pressures

On September 5, 2025, 25% of Figma’s employee-held shares became eligible for public sale after meeting the early release condition of a 25% stock price increase over its IPO price for five consecutive trading days [1]. This event, while designed to reward early employees, introduced immediate liquidity risks. Analysts at Sherwood News noted that the expiration “created a short-term overhang, as insiders could now monetize their gains without the prior restrictions” [4].

However, Figma mitigated some of this pressure through an extended lockup agreement signed on August 30, 2025, which restricted 54.1% of its Class A shares from sale until August 31, 2026 [4]. This move, while stabilizing near-term supply, also highlighted the company’s balancing act: retaining ownership structure while managing investor expectations. The dual-layer lockup strategy reflects a broader trend among tech IPOs, where firms use staggered release schedules to avoid post-IPO sell-offs.

Bitcoin Exposure: A Treasury Strategy, Not a Pivot

Figma’s Bitcoin holdings, initially $55 million in March 2024, have grown to $91 million through its investment in the Bitwise Bitcoin ETF [2]. CEO Dylan Field has emphasized that this is part of a “well-balanced treasury approach,” with no plans for a full pivot to crypto [2]. The company’s board has also approved an additional $30 million investment in Bitcoin, to be funded via USDC, signaling a cautious but deliberate expansion of its digital asset portfolio [2].

This strategy aligns with a growing trend among design-tech and fintech firms to allocate portions of their treasuries to Bitcoin and Ethereum. For example, BitMine Immersion Technologies (BMNR) holds $9 billion in crypto assets, while SharpLink Gaming (SBET) has staked over 837,230 ETH [5]. These moves are driven by the normalization of regulated digital assets, particularly after the approval of U.S.-listed spot Bitcoin ETFs in early 2025 [3].

Yet Figma’s stock performance suggests that such treasury strategies have limited direct impact on equity valuations. Despite reporting profitability and 41% revenue growth in Q2 2025, the stock fell 18% post-earnings due to concerns over slowing growth and a 27x sales multiple [1]. As Nasdaq analysts noted, “investors are prioritizing growth sustainability over treasury diversification, especially in high-valuation tech stocks” [1].

Broader Implications for Design-Tech Firms

Figma’s experience highlights two critical lessons for design-tech companies exploring crypto treasuries:
1. Lockup expiry dynamics remain a primary driver of short-term volatility, even for firms with diversified portfolios. The September 5 expiry coincided with a broader market selloff, compounding concerns about Figma’s growth trajectory.
2. Bitcoin exposure is increasingly seen as a defensive measure rather than a growth lever. While firms like Strategy (MSTR) have seen stock gains tied to Bitcoin appreciation, Figma’s conservative allocation has not insulated it from equity market pressures.

The broader design-tech sector is also witnessing a shift in institutional crypto adoption. Companies like DeFi Technologies Inc. now manage $26 million in digital assets, while Mill City Ventures III has launched SUI treasuries [6]. These strategies are often paired with staking and ETP products to generate yield, reflecting a maturing approach to crypto treasury management.

Conclusion: Navigating the New Normal

Figma’s 14% drop underscores the challenges of balancing innovation, governance, and investor expectations in a post-IPO environment. While its Bitcoin holdings and extended lockups provide some stability, the stock’s performance ultimately hinges on its ability to sustain growth in a competitive design-tech landscape. For institutional investors, the case of Figma illustrates that crypto treasuries are becoming a standard tool for risk diversification but are unlikely to offset equity-specific headwinds. As design-tech firms continue to experiment with digital assets, the interplay between lockup expiry dynamics and treasury strategies will remain a key area of focus.

Source:
[1] Figma Just Posted 41% Revenue Growth and Was Profitable [https://www.nasdaq.com/articles/figma-just-posted-41-revenue-growth-and-was-profitable-so-why-did-stock-sink-over-15]
[2] Bitcoin (BTC) Holdings Part of Broader Treasury Strategy [https://www.coindesk.com/markets/2025/09/04/figma-s-usd91m-bitcoin-bet-isn-t-a-michael-saylor-move-ceo-says]
[3] Figma Lock Up Ends Start of Trading Sep 5 [https://www.reddit.com/r/wallstreetbets/comments/1n7yaop/figma_lock_up_ends_start_of_trading_sep_5/]
[4] [8-K] Figma, Inc. Reports Material Event [https://www.stocktitan.net/sec-filings/FIG/8-k-figma-inc-reports-material-event-8e2472f3bc44.html]
[5] Ethereum Treasury Companies Swell as Spot ETFs Notch Fifth Straight Month of... [https://sherwood.news/crypto/ethereum-treasury-companies-swell-as-spot-etfs-notch-fifth-straight-month-of/]
[6] DeFi Technologies Inc. Announces Q2 2025 Financial... [https://www.cboe.com/ca/equities/securities/DEFI/8871002890350430/]