Figment Targets $100M-$200M Buying Spree as Crypto M&A Heats Up
Staking heavyweight Figment joins the crypto land grab—because nothing says ’bull market’ like writing nine-figure checks while retail traders get rekt.
The shopping list:
Infrastructure plays, middleware, and anything that pads their dominance in proof-of-stake services. Because when the yield farming music stops, the guys running the validators still get paid.
Timing is everything:
This comes as crypto M&A volume hits $4B YTD—a mix of desperate fire sales and strategic power moves. Guess which category Figment’s war chest falls into?
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.
Best Funding Rounds Of April
There were 93 funding rounds in April, totaling $2.37B. Here are the main ones:@Auradine_Inc – $153M@LayerZero_Core – $55M@AlpacaHQ – $52M@NousResearch – $50M@blackbird_xyz – $50M@wunder_social – $50M@meanwhilelife – $40M@symbioticfi – $29M… pic.twitter.com/mkN7ex2ry8
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.
