Figment acquires staking analytics firm Rated

The move marks the first acquisition for the institutional staking outfit

October 16, 2025 09:00 am

Tanawat Thipmontha/Shutterstock and Adobe modified by Blockworks

Institutional crypto staking firm Figment has acquired Rated Labs, a staking and validator analytics platform.

The Rated brand and website will stay unchanged, but the Rated team and technology will join Figment. The deal marks Figment’s first acquisition. Figment and Rated declined to disclose the deal terms.

Figment runs a staking platform aimed at institutional customers. It operates validators on a number of blockchains including Ethereum and Solana and accounts for over $15 billion worth of staked crypto. It also offers staking-related products like white label validators and staking APIs that clients can embed into their platforms.

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Rated offers public explorers for Solana and Ethereum staking, and it sells access to its APIs. Figment was a “very big” Rated customer prior to the acquisition, Figment co-founder and chief product officer Andrew Cronk said.

“Figment sits at the center of where staking is heading: institutional scale, integrated infrastructure, and higher standards of reporting. We had traction in our lane, but the lane itself is consolidating, and Figment is best positioned to carry our mission forward,” Rated co-founder Elias Simos said.

Cronk added that Rated fits Figment’s business model because prospective customers want transparent data about what is happening onchain.

Figment acquiring Rated marks the latest intra-crypto acquisition in an M&A market that is still heating up. Over the past month-plus, Keyrock, Coincheck, Kraken, and MoonPay have made acquisitions. Figment, which had previously telegraphed its desire to make acquisitions in the range of $100 million to $200 million, likely isn’t done.

Cronk pledged “more coming” when asked about future M&A deals.

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