Stock in Figma (Figure) rose 198% on the first day of trading on the New York Stock Exchange after raising $1.2 billion for an initial public offering (IPO) on Wednesday.
The company priced at $33 per share under the ticker “Fig” and treasures the company at around $20 billion. The stock changed hands at $98 in early trading on Thursday, suggesting a valuation of nearly $60 billion.
Design software developer Figma previously disclosed ownership of the Bitwise Bitcoin ETF (BITB) worth approximately $70 million and said he plans to purchase an additional $30 million worth of Spot Bitcoin.
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Although Figma is not a crypto company, the fact that it holds Bitcoin could launch a trend in other Silicon Valley offerings.
Read more: Bitcoin Bull reflects on different types of corporate financial strategies as prices continue to pending
The company had signed an agreement with Adobe to buy it for $2 billion, but the software company ended its agreement in 2023 and agreed to pay Figma a $1 billion cancellation fee.
Figma is the latest company to take advantage of the hot IPO season, where crypto companies like Circle (CRCL) and Etoro (TOR) are watching stock prices and valuations surge in the US during the regulatory clarity stage.