Figment is looking for acquisition targets, potentially extending a flurry of dealmaking in the digital-assets space triggered by U.S. President Donald Trump’s pro-crypto agenda.
The staking specialist is eyeing deals ranging between US$100 million and $200 million, with a focus on projects boasting a strong regional presence or within a particular blockchain ecosystem, Figment Co-Founder and Chief Executive Officer Lorien Gabel said in an interview.
Crypto mergers have spiked since Trump’s election victory, with the promise of regulatory clarity in the U.S. clearing the way for agreements. Recent acquisitions include Ripple buying prime brokerage Hidden Road for $1.25 billion and Kraken’s $1.5 billion purchase of NinjaTrader. Coinbase Global Inc. is said to be in advanced discussions to snap up crypto derivatives exchange Deribit.
“We have term sheets out and we’re actively looking to acquire smaller providers,” said Gabel. The company is scoping out the market for projects with a “dominant” position on blockchains including Cosmos and Solana, or which are embedded in regions including Asia and South America.
Figment helps institutions to “stake” their cryptocurrency, a method of validating blockchain transactions that generates rewards in the form of yield on locked-up tokens. The Canadian company, which employs about 150 people, oversees about $15 billion in staked assets currently, according to Gabel.
Figment hopes for a pick-up in its business in the U.S. should regulators there decide to allow exchange-traded funds for Ether — the second-largest digital asset — to stake their holdings. Such ETFs currently hold about $6.3 billion in assets.
Figment’s last capital raise of $110 million in 2021 was led by Thoma Bravo, which has a seat on the crypto firm’s board. It currently has no plans to raise more funding, nor is it seeking a buyer.
“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.”
Suvashree Ghosh, Bloomberg News
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