Figment, a major player in blockchain staking services, is actively looking to buy companies in a spree of crypto industry consolidation sparked by renewed optimism over U.S. regulatory clarity.

The Toronto-based firm is targeting acquisitions between $100 million and $200 million, with a strong regional presence or within blockchain ecosystems, such as Cosmos and Solana, CEO Lorien Gabel told Bloomberg. He said the firm already has term sheets out for some deals, the report added.

Figment helps institutions earn yield by staking, whereby tokens are locked to help secure blockchain networks and validate transactions supported by networks. The company currently manages around $15 billion in staked assets and employs about 150 people, Gabel said.

The flurry of crypto deals, which include Kraken’s $1.5 billion purchase of NinjaTrader and Ripple’s $1.25 billion acquisition of Hidden Road, comes as the Trump administration brought on a more crypto-friendly regulatory environment. That environment saw the U.S. Securities and Exchange Commission drop cases against various crypto firms, with crypto ally Paul Atkins recently taking over the commission.

Despite the acquisition strategy, Figment isn’t seeking additional funding and has ruled out a sale. Gabel, who co-founded the firm and has launched three prior startups, said he’s committed to building Figment for the long term. “I’d rather go to zero,” he said.

The company has raised $165 million to date, according to data from TheTie. Its latest Series C funding round was led by Thoma Bravo and saw participation from giants including Morgan Stanley, StarkWave, and Franklin Templeton India.

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