Figment, a major blockchain staking service provider, is actively seeking to expand its footprint through acquisitions, capitalizing on the growing optimism driven by a favorable U.S. regulatory environment.

The Toronto-based company is targeting acquisitions in the $100 million to $200 million range, specifically focusing on companies with strong regional market presence or those rooted in blockchain ecosystems like Cosmos and Solana. CEO Lorien Gabel told Bloomberg that the firm has already issued term sheets for several potential deals.

Figment’s business revolves around helping institutional clients generate rewards via staking, where tokens are locked to secure blockchain networks and validate transactions. Currently, Figment manages approximately $15 billion in staked assets and has around 150 employees, according to Gabel.

The surge in crypto mergers and acquisitions follows a wave of positive regulatory changes under the Trump administration, which has shifted U.S. policy toward greater support for the crypto industry. This includes the U.S. Securities and Exchange Commission (SEC) dropping cases against various firms in the space, as well as the appointment of Paul Atkins, a pro-crypto figure, as SEC chair.

Despite its aggressive acquisition strategy, Figment is not seeking additional investment and has no plans to sell. Gabel, a serial entrepreneur who co-founded the company, emphasized that he is committed to Figment’s long-term success. “I’d rather go to zero,” he said, indicating his dedication to growing the firm from within.

Figment has raised $165 million to date, according to data from TheTie. Its most recent Series C funding round was led by Thoma Bravo, with notable participation from institutional investors like Morgan Stanley and Franklin Templeton.