Shares of Figma (FIG) rose 198% on its first day of trading on the New York Stock Exchange after the company raised $1.2 billion for its Wednesday initial public offering (IPO).

The firm priced shares at $33 a share under the ticker “FIG," valuing the company at about $20 billion. The stock changed hands at $98 in initial trades on Thursday, suggesting a valuation closer to $60 billion.

Figma, a developer of design software, previously disclosed the ownership roughly $70 million worth of the Bitwise Bitcoin ETF (BITB) and said it plans to buy another $30 million worth of spot bitcoin (BTC).

While Figma is far from being a crypto company, the fact that it holds bitcoin could possibly start a trend for other Silicon Valley offerings.

Read more: Bitcoin Bull Mulls Different Kind of Corporate Treasury Strategy as Prices Continue on Hold

The firm had signed a deal with Adobe to be purchased for $20 billion, but the software company terminated the deal in 2023, agreeing to pay Figma a $1 billion termination fee.

Figma is the latest company to take advantage of a hot IPO season in which crypto firms like Circle (CRCL) or eToro (TOR) have seen their stock price and valuation skyrocket in the phase of regulatory clarity being established in the U.S.

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