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Figment

figment.io ↗

Figment runs staking infrastructure so institutions can earn crypto rewards without doing it themselves.

Losing its protection
Assessed 21 July 2026 · Evidence as of 21 July 2026
The structural protection is eroding.
On the recordSince 21 July 2026 · Checkable from H1 2026 · Every call on the record Checkpoint: Next Tier-1 asset manager ETP staking mandate decision (BlackRock, Fidelity, VanEck)
The call

Figment has the client logos and the licenses, but five look-alike rivals and a stale valuation mean the next ETP mandate decides whether it stays the name to know or becomes one of the pack.

Figment helps large financial companies and platforms like Coinbase and Grayscale stake cryptocurrency and earn rewards, handling the technical and legal work so clients don't have to. The company built real trust and attracted big-name customers, but five or six other companies (Kiln, Chorus One, P2P.org, and others) do almost the same thing just as well, and the profit per customer keeps getting smaller as more players jump in. The biggest wild card is whether Figment wins the next big staking deal from a major investment firm like BlackRock or Fidelity, or whether a rival takes it instead, because losing those battles would push Figment from a leader into just another option in a crowded field.

Why
01
AI pressure: None apparent. Staking is validator uptime and compliance work, not a language or reasoning task, so AI agents don't replace the core service. Could AI do the core job? Unlikely.
02
Bigger players: Coinbase (Prime and Cloud). Coinbase both funnels clients to Figment and runs its own competing staking product, so its favor can be pulled at any time. Could a giant copy it? Probably.
03
What protects it. Regulatory trust and live integrations with Grayscale ETPs, Coinbase Prime, and Fireblocks make switching costly for institutions.
What would change this call
BlackRock, Fidelity, or VanEck names its staking provider for a new ETP. shows whether Figment or a rival like Kiln is winning the top-tier mandates.
Figment announces a new priced funding round. confirms whether investors value it above or below the stale 2021 $1.4B mark.
Coinbase Prime, Grayscale, or Fireblocks adds or switches to a rival staking provider. would show Figment losing its marquee integration partners to competitors.
Key numbers
  • $17-18B in staked assets, 1,000+ clients (Oct 2025)
  • $1.4B valuation, unchanged since Dec 2021 (Dec 2021)
  • Headcount down 2.4% year over year, 166 staff (Jun 2026)
Named risks
  • No new priced funding round since December 2021 while valuation stays anchored at $1.4B. Severity: medium
  • Commoditizing market with 5+ near-identical funded competitors eroding commission rates. Severity: medium
  • CLARITY Act stalled in Senate leaves federal staking framework incomplete. Severity: medium
  • Flat to slightly declining headcount signals consolidation rather than growth. Severity: low
  • Residual state-level enforcement actions against staking providers persisted into mid-2025. Severity: low
Rivals, as read in July 2026
RivalDirectionEvidence
Kilngaining onServes VanEck, CoinShares, BitGo as of April 8, 2025 in same institutional staking niche
Coinbase (Prime/Cloud)contestingDeepened integration Oct 28, 2025 while remaining a structural competitor for institutional staking flow
Chorus One, P2P.org, EverstakecontestingNear-identical funded peers competing for same institutional and ETP staking mandates as of 2025
Questions people ask
Is Figment profitable in 2026?
Figment has not disclosed audited revenue or profit figures. It monetizes via commission on staking rewards rather than subscription fees. As of October 28, 2025, it reported $17 to 18 billion in assets under stake and 1,000 to 1,500 institutional clients, but no public profitability data exists.
Who owns Figment?
Figment is privately held and venture-backed. Its last priced funding round was a $110 million Series C led by Thoma Bravo, closed December 20, 2021, valuing the company at $1.4 billion. No new priced round has been confirmed since, only a secondary-market transaction dated October 6, 2025.
Who is Figment's biggest competitor?
Kiln is a direct rival already serving VanEck, CoinShares, and BitGo as of April 8, 2025. Coinbase, via Coinbase Prime and Coinbase Cloud, both partners with and competes against Figment. Chorus One, P2P.org, and Everstake round out a crowded, near-identical field.
Could AI replace Figment's staking business?
Figment's core work, running validator nodes and reward-tracking dashboards, is largely deterministic infrastructure that AI tools can monitor or augment, such as anomaly detection. But its regulatory trust relationships and multi-year contracts with Grayscale, Coinbase Prime, and Fireblocks Trust are not AI-replicable as of 2025 to 2026.
Has Figment raised new funding since 2021?
No new priced funding round has been publicly confirmed since Figment's $110 million Series C closed December 20, 2021 at a $1.4 billion valuation. A secondary-market share transaction occurred October 6, 2025, but this did not reset the company's primary valuation.
What major clients does Figment have?
Figment was selected by Grayscale on October 9, 2025 as staking provider for the first U.S. spot ETH ETPs with staking and a Solana Trust. It also powers Coinbase Prime staking across roughly 12 additional chains and Fireblocks Trust Company's staking product, launched September 10, 2025.
Timeline
  • 2026-03-23SEC-CFTC joint interpretation classifies ETH, SOL, BTC staking as generally non-securities
  • 2025-11-17Figment launches stablecoin staking-yield product advertising about 15% APR
  • 2025-10-28Coinbase Prime and Figment expand staking to about 12 more chains
  • 2025-10-09Grayscale selects Figment for first U.S. staking-enabled ETH ETPs and SOL Trust
  • 2025-09-10Fireblocks Trust Company launches institutional staking powered by Figment
  • 2025-07-17CLARITY Act (H.R. 3633) passes U.S. House 294-134, stalls in Senate
  • 2025-05-29SEC staff statement on staking issued, cited as regulatory clarity for Figment
  • 2025-02-01SEC dismisses staking lawsuit against Coinbase
  • 2024-12-31Figment reports $15B assets under stake and 700 institutional clients for year-end 2024
  • 2021-12-20Figment closes $110M Series C led by Thoma Bravo at $1.4B post-money valuation
Revision history
21 July 2026
First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.
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