Figment Seeks to Expand through Acquisitions: Aiming for $100M to $200M Deals

Canadian crypto staking giant Figment is making waves with its ambitious plan to acquire smaller firms, setting its sights on deals valued between $100 million and $200 million. Crypto staking, the process of holding and locking up cryptocurrencies in a wallet to support the operations of a blockchain network in exchange for rewards, is at the heart of Figment’s business. The company, with around 150 employees and $15 billion in staked assets, is not just staking its claim in the crypto world; it’s ready to buy the whole farm.

• Figment targets $100M-$200M acquisitions
• Focus on Asia, South America, Cosmos, and Solana
• Surge in crypto M&A activity post-Trump win

Figment’s CEO, Lorien Gabel, has made it clear that the company is on the hunt for projects with a strong foothold in Asia or South America. Additionally, Figment is interested in projects that dominate major blockchains like Cosmos and Solana. Cosmos focuses on interoperability between different blockchains, while Solana is known for its high transaction speeds and low costs. Gabel’s vision is to expand Figment’s reach and capabilities through these strategic acquisitions.

“We have term sheets out and we’re actively looking to acquire smaller providers,” Gabel stated firmly.

His focus is clear: growth through acquisition rather than seeking funding or being acquired himself. This approach is a testament to Figment’s ambition to play a bigger role in the evolving crypto landscape.

The timing of Figment’s acquisition strategy coincides with a notable surge in mergers and acquisitions (M&A) within the crypto industry. Following Donald Trump’s presidential win, the sector has seen over $2 billion in deals in the first quarter of 2025 alone. High-profile acquisitions like Ripple’s purchase of Hidden Road for $1.25 billion, Kraken’s acquisition of NinjaTrader for $1.5 billion, and Phantom’s acquisition of Simple Hash are indicative of this trend. Moreover, Coinbase is reportedly in talks to acquire Deribit, a leading crypto derivatives exchange, signaling that the consolidation wave is far from over. This environment of heightened M&A activity is fueled by a more favorable regulatory climate and the anticipation of exchange-traded funds (ETFs) for Ethereum, which could open new opportunities for firms like Figment to expand into the U.S. market.

While the crypto market experienced a significant downturn in Q1 2025, with Bitcoin declining over 25% from its peak, the industry’s resilience and the growth of the stablecoin market by 33% since late 2024 suggest a complex but promising landscape. The appointment of a pro-crypto SEC Chair and pending ETF approvals could further enhance the regulatory environment, potentially facilitating Figment’s expansion plans.

However, Figment’s approach isn’t without its risks. The crypto market’s volatility and the potential impact of Trump’s tariffs could pose challenges to the timing and feasibility of their acquisition strategy. Yet, Gabel’s commitment to long-term growth over a modest exit underscores the company’s determination to navigate these uncertainties.

In this era of crypto consolidation, Figment’s strategic acquisitions could position it as a major player in the staking and blockchain services space. As the company looks to bolster its presence in key regions and on significant blockchains, the crypto community watches closely to see how these moves will shape the future of decentralized finance.

While Figment’s aggressive acquisition strategy is commendable, it’s worth considering the potential downsides. Smaller firms might resist acquisition, fearing loss of autonomy or cultural clashes. Additionally, regulatory changes could throw a wrench in these deals, making it crucial for Figment to stay agile and adaptable. The crypto world is no stranger to unexpected turns, and Figment’s ability to navigate these will be key to its success.

As a champion of decentralization and effective accelerationism, it’s important to note that while Figment’s moves could lead to increased centralization in the staking space, they also have the potential to drive innovation. By integrating smaller, specialized firms, Figment could bring new technologies and ideas to the forefront, ultimately benefiting the broader crypto ecosystem. However, a bitcoin maximalist might argue that such consolidation could detract from the decentralized ethos that many in the community hold dear.

Key Takeaways and Questions

• What is Figment’s acquisition budget range?

  Figment’s acquisition budget ranges from $100 million to $200 million.

• Which regions is Figment targeting for acquisitions?

  Figment is targeting projects with a strong presence in Asia and South America.

• What blockchains are of interest to Figment for acquisitions?

  Figment is interested in projects that are dominant in major blockchains like Cosmos and Solana.

• What is Figment’s current stance on raising funding or being acquired?

  Figment is not seeking funding and is not looking to be acquired; instead, it is focused on acquiring smaller providers.

• How has the crypto M&A landscape changed following Trump’s presidential win?

  Following Trump’s presidential win, the crypto M&A landscape has seen a significant increase, with the total value of deals surpassing $2 billion in the first quarter of 2025.

• What are some recent notable acquisitions in the crypto industry?

  Recent notable acquisitions include Ripple’s purchase of Hidden Road for $1.25 billion, Kraken’s acquisition of NinjaTrader for $1.5 billion, and Phantom’s acquisition of Simple Hash.

• What is Coinbase’s current acquisition interest?

  Coinbase is currently in talks to acquire Deribit, a leading crypto derivatives exchange.

• What potential risks does Figment face with its acquisition strategy?

  Figment faces risks from the crypto market’s volatility and potential impacts from Trump’s tariffs, which could affect the timing and feasibility of their acquisitions.

• How might Figment’s acquisitions impact the broader crypto industry?

  Figment’s acquisitions could lead to increased centralization in the staking and blockchain services space, potentially affecting innovation and competition within the industry.