Figment, a significant player in the realm of blockchain staking services, is strategically positioning itself for expansion by actively pursuing acquisition opportunities. This move comes on the heels of a wave of industry consolidation, fueled by a newfound optimism surrounding regulatory clarity in the U.S. crypto landscape.
Based in Toronto, Figment is targeting acquisitions in the range of $100 million to $200 million, specifically focusing on firms that possess a robust regional presence or are integrated within key blockchain ecosystems like Cosmos and Solana. As noted by CEO Lorien Gabel in a recent interview with Bloomberg, the company already has term sheets prepared for several potential deals, underscoring its proactive approach to growth.
At its core, Figment empowers institutions to earn yield through the process of staking, where assets are locked to bolster blockchain networks and validate transactions. Currently, the firm manages an impressive $15 billion in staked assets and has a dedicated team of approximately 150 employees, as highlighted by Gabel.
The recent flurry of acquisitions in the crypto space includes notable transactions such as Kraken’s $1.5 billion acquisition of NinjaTrader and Ripple’s $1.25 billion purchase of Hidden Road. These developments coincide with a more favorable regulatory environment fostered during the Trump administration, marked by the U.S. Securities and Exchange Commission’s decision to drop cases against various crypto firms, and the appointment of crypto advocate Paul Atkins as the new head of the SEC.
Despite its aggressive acquisition strategy, Figment is not seeking additional funding and has decisively ruled out the possibility of a sale. Gabel, who co-founded the firm and has a history of launching successful startups, expressed his commitment to building Figment for the long haul, stating, “I’d rather go to zero.”
To date, the company has successfully raised $165 million, with its latest Series C round led by Thoma Bravo, featuring participation from prominent investors including Morgan Stanley, StarkWave, and Franklin Templeton India.
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