'We're Not Trying To Be Michael Saylor,' Figma CEO Dylan Field Says The Firm Is Not A Bitcoin Holding Company Despite BTC ETF Holdings

Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below.

Figma (NYSE: FIG ) is not trying to become a proxy for Bitcoin despite increasing exposure to the digital asset, says CEO Dylan Field.

​

"We're not trying to be Michael Saylorhere," Field told CNBC on Sept. 3, referring to the executive chairman of pioneer Bitcoin treasury firm MicroStrategy (NASDAQ: MSTR ). "This is not, like, a Bitcoin holding company. It's a design company, but I think there's a place for it in the balance sheet and as part of a diversified treasury strategy."

​

Figma reported holding $91 million in Bitcoin exchange-traded funds in a recent Securities and Exchange Commission filing , which is up from the $70 million the firm reported in July before its public debut.

Don't Miss:

• Your Last Chance to Invest in Pacaso Before Their Global Expansion — Offer Ends Sept 18

• Vacancy Rates Below 5% and $2.3B in Unmet Demand — How Everyday Investors Can Access America's Industrial Boom

​

Field's clarification of the reasoning behind Figma's Bitcoin investments comes as several firms have pivoted to becoming Bitcoin proxies over the past year to grow shareholder value.

​

The trend has become so pervasive that Nasdaq is increasing supervision of these firms, The Information recently reported . Since January, at least 184 firms have committed to raising over $132 billion to buy cryptocurrencies, according to estimates from crypto advisory firm Architect Partnerslast month. Before this year, only $33.6 billion had been raised by 10 firms to buy cryptocurrencies.

​

For these firms, the goal appears to be replicating the success of MicroStrategy, whose stock has popped over 3,000% since it first added Bitcoin to its balance sheet in August 2020.

Trending: From Chipotle to Red Bull, Top Brands Are Already Building With Modern Mill's Tree-Free Wood Alternative — Here's How You Can Invest Too

Mixed Earnings

The revelation of Figma's increased Bitcoin exposure follows the firm's mixed first earnings report as a public company.

​

The company on Sept. 3 reported $249.6 million in Q2 revenue, up 41% from the $177.2 million recorded last year and beating analysts' $248.8 million expectations. 

​

Figma also reported net income of $28 million within the quarter.

​

Despite these positives, Figma's stock tanked 28% from a high of nearly $69 on Sept. 3 to a low of about $50 on Sept. 5 amid concerns over slowing growth.

​

Revenue growth has remained positive year-on-year, but it is expected to fall in the current quarter after sliding from 46% in Q1 to 41% in Q2.