Figma's stock (FIG) surged 198% on its debut on the New York Stock Exchange after the company raised $1.2 billion in an initial public offering (IPO) that was over 40 times oversubscribed. Initially priced at $33 per share, the stock quickly traded up to around $98, suggesting a potential market valuation of nearly $60 billion. The firm, known for its design software, also revealed holdings of $70 million in the Bitwise Bitcoin ETF and plans to invest an additional $30 million in spot bitcoin. This strategy indicates a broader trend among tech firms considering cryptocurrency investments. Notably, Figma had previously entered into an acquisition agreement with Adobe, valued at $20 billion, which was later called off, resulting in a $1 billion termination fee for Figma. The current IPO marks Figma as a key player in a vibrant IPO season, particularly amid increasing regulatory clarity in the U.S. concerning crypto-related businesses.

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