Figment Eyes Up to $200M in Crypto M&A: Report
Figment Targets Regional Players in Cosmos and Solana Networks as US Pro-Crypto Policy Drives Deal Making
Author: Francisco Rodriguez | Edited by : Parikshit Mishra Updated: May 6, 2025, 1:45 pm Published: May 6, 2025, 8:12 am
What you need to know:
- Figment is targeting acquisitions in the $100 million to $200 million range.
- The company focuses on players with a strong regional focus and blockchains including Solana and Cosmos.
- Chief Executive Lorien Gable said the firm has issued current letters of intent and has no plans to raise capital.
Figment, a major player in the blockchain staking services market, is actively exploring acquisition opportunities amid consolidation in the crypto industry driven by renewed optimism over regulatory clarity in the US.
The Toronto-based company is targeting acquisitions in the $100 million to $200 million range, focusing on players with a strong regional presence or in blockchain ecosystems such as Cosmos and Solana, CEO Lorien Gable told Bloomberg. He added that the firm has already worked out the basic terms for several deals.
Figment helps institutions earn rewards through staking, a process in which tokens are locked up to strengthen the security of blockchain networks and validate transactions supported by those networks. The company currently manages approximately $15 billion in staked assets and has about 150 employees, Gable noted.
The surge in crypto deals, including Kraken’s $1.5 billion acquisition of NinjaTrader and Ripple’s $1.25 billion purchase of Hidden Road, comes as the Trump administration has created a more favorable environment for cryptocurrencies. In that environment, the U.S. Securities and Exchange Commission has suspended proceedings against a number of crypto companies, led by recent crypto ally Paul Atkins.
Despite its acquisition strategy, Figment has no plans to seek additional funding and has ruled out a sale. Gable, who co-founded the company and has launched three previous startups, said he is focused on the long-term growth of Figment. “I’d rather break even,” he said.
The company has raised $165 million to date, according to TheTie. The latest Series C funding round was led by Thoma Bravo, which also included major investors Morgan Stanley and Franklin Templeton.
Read more: Kraken to buy NinjaTrader for $1.5 billion to enter US crypto futures market
