Figment Eyes $100M to $200M Acquisitions Amid Crypto M&A Surge

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Amin Ayan

Crypto Journalist

Amin Ayan

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Amin Ayan is a crypto journalist with over four years of experience in the industry. He has contributed to leading publications such as Cryptonews, Investing.com, 99Bitcoins, and 24/7 Wall St. He has...

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May 5, 2025

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Crypto staking firm Figment is actively pursuing acquisition targets as part of a broader wave of digital asset mergers and acquisitions sparked by renewed optimism under the Trump administration’s pro-crypto stance.

Figment CEO and co-founder Lorien Gabel said in an interview that the company is eyeing deals in the $100 million to $200 million range.

The firm is particularly interested in projects with a strong foothold in specific regions like Asia or South America or that dominate key blockchain ecosystems such as Cosmos and Solana.

“We have term sheets out and we’re actively looking to acquire smaller providers,” Gabel said, pointing to a surge in opportunities amid growing regulatory clarity in the U.S.

M&A Push Comes Amid Growing Regulatory Clarity

The M&A push comes as the digital asset space experiences heightened deal activity.

Ripple recently acquired prime brokerage firm Hidden Road for $1.25 billion, while Kraken purchased trading platform NinjaTrader in a $1.5 billion deal.

Coinbase is also reportedly in advanced talks to acquire crypto derivatives exchange Deribit.

Based in Canada, Figment specializes in helping institutions stake their crypto holdings—a process that secures blockchain networks and generates yield.

The firm manages approximately $15 billion in staked assets and employs around 150 people.

Gabel also sees upside if U.S. regulators approve exchange-traded funds (ETFs) for Ether that allow staking.

Such ETFs already manage about $6.3 billion in assets, and staking support could unlock further demand.

Despite its growth trajectory, Figment has no plans to raise additional capital or sell the company.

Its last funding round in 2021 raised $110 million and was led by private equity firm Thoma Bravo, which holds a board seat.

“I really don’t want to sell,” Gabel said. “This is my fourth startup. I’d rather go to zero than sort of have a single or double, to use a baseball metaphor. So I really just want to see how far we can take it at this point.”

Crypto Venture Funding Surges to $4.9B in Q1 2025

Venture capital investment in the crypto industry soared to $4.9 billion in the first quarter of 2025, marking the sector’s most active fundraising period since late 2022, according to a recent report from Galaxy.

The surge represents a 40% increase from the previous quarter, with 446 deals closed — a 7% uptick in deal volume.

While the topline figure signals renewed investor confidence in digital assets, a single transaction played an outsized role: MGX’s $2 billion investment into Binance accounted for over 40% of all capital raised during the quarter.

Without that deal, total funding would have been $2.8 billion, revealing a 20% decline compared to Q4 2024.

Nevertheless, the Binance transaction reshaped the funding landscape. It propelled the Trading, Exchange, Lending, and Investing category to the top of the sector rankings, with $2.55 billion in total raised — a 47.9% jump.

Excluding Binance, DeFi would have led the quarter with $763 million in funding.