If you missed the $CRCL IPO, think you should pay attention to Figma ( $FIG ) tomorrow. • 40x oversubscribed • Low float • The #1 design tool in the world • Hold $70 million in $BTC 😉 Figma priced its IPO at $33 per share, giving it a ~$20B valuation. Why does that matter? Back in 2022, Adobe tried to acquire Figma for $20B. That deal fell apart after regulators stepped in but Adobe still had to pay Figma a $1B breakup fee. One of the most expensive break ups in history. Now you're getting a chance to buy Figma for the same price. What is Figma? If you don’t know, Figma is a collaborative design tool used to build websites, mobile apps, products, and more. • 13M+ monthly active users • Used by 95% of the Fortune 500 • And 2/3 of users aren’t designers • 1,000 Customers pay $100,000+ ARR That last point is key, Figma is being used across entire organizations. Engineers, PMs, marketers, execs, not just designers. There are massive case studies from companies like Netflix and Stripe. Bonus Alpha Figma's S-1 reveals $70M held in Bitcoin ETFs and approval for another $30M. The real winners? Figma's early investors. AI Will Destroy Figma? Figma's biggest risk is competition from AI tools. But I think that risk is overblown. Figma's customer base is primarily enterprise accounts. As much as people like to believe AI will replace everything, adoption is much slower than you'd expect. If anything, Figma is well positioned to integrate AI into its existing workflows, not be replaced by it. Volatility will be high tomorrow, but this could end up being one of the better IPO deals.

Bloomberg is now saying, expect to open at near $100 😱