What You Need to Know
- Figment is targeting acquisitions valued at $100 million to $200 million.
- The company focuses on firms with a significant regional presence, particularly on the Solana and Cosmos blockchains.
- CEO Lorien Gabel stated that they currently have active term sheets and are not seeking additional capital.
Figment, a key player in the blockchain staking sector, is actively pursuing opportunities to acquire companies as a wave of consolidation occurs in the cryptocurrency industry due to increased optimism surrounding U.S. regulations. Based in Toronto, Figment aims for acquisitions priced between $100 million and $200 million, especially targeting firms with a robust regional influence or those operating within blockchain ecosystems such as Cosmos and Solana, as outlined by CEO Lorien Gabel in a report.
Gabel also mentioned that the firm has term sheets ready for several deals, as noted in the report. Figment aids institutions in earning yield from staking, a process where tokens are locked to help secure blockchain networks and validate transactions. Currently, the company oversees around $15 billion in assets staked and employs roughly 150 individuals, according to Gabel.
Recent transactions in the crypto space include Kraken’s $1.5 billion acquisition of NinjaTrader and Ripple’s $1.25 billion purchase of Hidden Road. These activities are occurring within a context where the Trump administration fosters a more favorable regulatory environment for cryptocurrencies, including the drop of various actions against crypto firms by the U.S. Securities and Exchange Commission (SEC), now led by pro-crypto commissioner Paul Atkins.
Despite pursuing acquisitions, Figment is not looking for extra funding and has no intentions of being sold. Co-founder Gabel, who has started three other ventures, emphasized his dedication to nurturing Figment in the long term, stating, “I’d rather go to zero” than compromise on his vision.
To date, the firm has successfully raised $165 million with its latest funding round led by Thoma Bravo, supported by renowned companies like Morgan Stanley, StarkWave, and Franklin Templeton India.
