Figment, a Staking Company, Seeks to Acquire Businesses Worth Between $100M and $200M

Figment, a significant entity in the realm of blockchain staking services, is actively pursuing acquisitions as part of a trend of consolidation within the crypto sector, fueled by a positive shift in the regulatory landscape in the United States.

Headquartered in Toronto, the company is eyeing potential purchases in the range of $100 million to $200 million, specifically targeting firms with a solid regional presence or those operating within blockchain networks like Cosmos and Solana. According to CEO Lorien Gabel, the company has already initiated discussions regarding several deals.

Figment’s primary service allows institutions to earn returns through staking, a process where digital tokens are locked to secure blockchain networks and validate transactions. Currently, the firm oversees approximately $15 billion in staked assets and has a workforce of around 150 employees, as noted by Gabel.

The recent surge in crypto transactions includes notable deals such as Kraken’s $1.5 billion acquisition of NinjaTrader and Ripple’s $1.25 billion purchase of Hidden Road. This activity occurs against a backdrop of a notably more welcoming regulatory environment under the recent Trump administration, which has seen the U.S. Securities and Exchange Commission discontinue various legal actions against crypto firms, aided by the recent appointment of crypto advocate Paul Atkins to the commission.

Despite its aggressive growth strategy through acquisitions, Figment is not pursuing additional funding and has dismissed the idea of a potential sale. Gabel, who co-founded the company and has a track record of launching three startups, expressed his commitment to fostering Figment for the long term, indicating a willingness to see the company through challenges, stating, “I’d rather go to zero.”

To date, Figment has successfully raised $165 million, with data showing that its latest Series C funding round was spearheaded by Thoma Bravo, along with participation from major financial institutions such as Morgan Stanley and Franklin Templeton India.