Report: Figment Targets Up to $200M in Crypto Acquisitions Amid M&A Strategy

Figment, a leading provider of blockchain staking services, is actively pursuing acquisitions as part of its strategy to expand within the crypto industry, taking advantage of the renewed optimism surrounding U.S. regulatory policies.

The Toronto-based firm is targeting acquisitions in the range of $100 million to $200 million, specifically focusing on companies with a strong regional presence or those embedded within popular blockchain ecosystems like Cosmos and Solana. CEO Lorien Gabel revealed to Bloomberg that Figment already has term sheets in place for several potential acquisitions.

Figment’s core business is helping institutional clients earn rewards through staking—locking tokens to secure blockchain networks and validate transactions. Currently, the company manages around $15 billion in staked assets and has a workforce of about 150 employees, Gabel said.

The surge in crypto industry consolidation comes after the Trump administration’s more crypto-friendly regulatory approach, which has given the industry a boost. Under this environment, the U.S. Securities and Exchange Commission (SEC) has dropped cases against multiple crypto firms, following the appointment of Paul Atkins, a noted crypto ally, as the new SEC chair.

Despite its acquisition push, Figment is not looking to raise additional funding and has ruled out the possibility of a sale. Gabel, who co-founded Figment and has previously started three other companies, emphasized his long-term commitment to the firm. “I’d rather go to zero,” he said, underscoring his dedication to Figment’s growth and future.

The company has raised a total of $165 million, according to data from TheTie. Its most recent Series C round was led by Thoma Bravo, with backing from major players like Morgan Stanley and Franklin Templeton.