FRHC on Nasdaq

Freedom Holding

Logo: Freedom Holding, Public domain, via Wikimedia Commons5

Investment conglomerate, headquartered in Kazakhstan

Freedom Holding Corp. is an American investment conglomerate headquartered in Almaty, Kazakhstan. Founded in 2008 by Timur Turlov in the United States, the company provides a range of services in retail financial securities brokerage and trading, asset management, capital markets, investment research and counseling, investment banking and underwriting services, mortgages, insurance, banking and other consumer services. Its main area of focus is in the American stock market, as well as the markets of Europe and Central Asia, mainly Kazakhstan.3 Its shares trade on Nasdaq under the symbol FRHC.1 Wikipedia text CC BY-SA 4.0

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Last updated Oct 20, 2026.

Overview

$2.2BRevenue, fiscal 20266
$153.3MNet income, fiscal 20266
2008Founded1

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  • TickerFRHC on Nasdaq1
  • IndustrySecurity Brokers, Dealers & Flotation Companies1
  • HeadquartersMoscow1
  • Websitewww.freedomholdingcorp.com
  • Legal formprivate limited company, ООО1
  • Listed onAstana International Exchange (FRHC), Nasdaq (FRHC)1
  • Incorporated inNV7
  • Business address40 Wall Street, 58Th Floor, New York, Ny, Ny 100057
  • Filer categoryLarge accelerated filer7
  • LEI894500NH5LDB23SI2A384
  • StatusActive4
  • LEI statusLapsed (not renewed)4
  • Registered address32/2 Moskovska St., 01010 Kyiv, Ukraine4
  • Registered withState Enterprise Information Resource Centre, 216542954

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Freedom Holding Corp. is an American investment conglomerate headquartered in Almaty, Kazakhstan. Founded in 2008 by Timur Turlov in the United States, the company provides a range of services in retail financial securities brokerage and trading, asset management, capital markets, investment research and counseling, investment banking and underwriting services, mortgages, insurance, banking and other consumer services. Its main area of focus is in the American stock market, as well as the markets of Europe and Central Asia, mainly Kazakhstan.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2026

7.0%Net margin6
9.3%Revenue growth, 20266
10.3%Return on equity6
-$13.5MFree cash flow6

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Business segments

Brokerage brought in 38% of the revenue Freedom Holding broke down this way in fiscal 2026.

  1. Brokerage$831.5M638%up 16% from 2025
  2. Banking$689.2M631%up 36% from 2025
  3. Insurance$497.8M623%down 22% from 2025
  4. Other$172.8M68%up 20% from 2025
Business segments by year
Business segments202420252026
Brokerage$622.0M$717.3M$831.5M
Banking$615.9M$506.1M$689.2M
Insurance$325.5M$636.7M$497.8M
Other$83.9M$144.0M$172.8M

Regions

KZ brought in 84% of the revenue Freedom Holding broke down this way in fiscal 2026.

  1. KZ$1.8B684%up 8% from 2025
  2. AM$181.7M68%up 0% from 2025
  3. CY$154.2M67%up 122% from 2025
  4. Other Countries$14.0M61%up 163% from 2025
  5. United States$2.9M60%down 93% from 2025
Regions by year
Regions202420252026
KZ$1.5B$1.7B$1.8B
AM$43.1M$181.7M$181.7M
CY$118.3M$69.5M$154.2M
Other Countries$1.7M$5.3M$14.0M
United States$12.8M$44.0M$2.9M

Where the money goes

Where each dollar of revenue went, fiscal 2026

  • Cost of revenue4¢$79.6M
  • Other costs86¢$1.9B
  • Income tax3¢$72.6M
  • Profit7¢$153.3M

Out of $2.2B in revenue.6

Where each dollar of operating cash went, fiscal 2026

  • Capital spending100¢$198.8M

Out of $185.2M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.6

Financial statements

Revenue10111213146$2.2B in 2026+2850% since 2019
0$1.0B$2.0B$3.0B2019: $74.3M$74.3M20192020: $83.4M$83.4M2020+12%2021: $346.9M$346.9M2021+316%2022: $689.8M$689.8M2022+99%2023: $799.1M$799.1M2023+16%2024: $1.6B$1.6B2024+106%2025: $2.0B$2.0B2025+22%2026: $2.2B$2.2B2026+9%
Net income10111213146$153.3M in 2026+2045% since 2019
0$100.0M$200.0M$300.0M$400.0M2019: $7.1M$7.1M20192020: $24.8M$24.8M2020+248%2021: $149.7M$149.7M2021+503%2022: $227.5M$227.5M2022+52%2023: $205.1M$205.1M2023−10%2024: $379.1M$379.1M2024+85%2025: $76.3M$76.3M2025−80%2026: $153.3M$153.3M2026+101%

Every line of the income statement as filed: the last 3 fiscal years, latest first.6

Period ending2026-03-312025-03-312024-03-31
Fee and commission income (including $7,680, $4,725 and $65,972 from related parties)$489.8M$505.0M$440.3M
Net gain/(loss) on trading securities$158.8M-$57.8M$133.9M
Interest income (including $12,703 , $1,731 and $24,941 from related parties)$882.5M$864.5M$828.2M
Net insurance revenue$402.4M$571.2M$245.1M
Net gain on foreign exchange operations$67.7M$51.7M$72.2M
Net gain/(loss) on derivatives$66.8M$12.4M-$103.8M
Sales of goods and services$97.4M$40.1M$21.6M
Other income$25.9M$17.1M$9.7M
TOTAL REVENUE, NET$2.2B$2.0B$1.6B
Fee and commission expense$218.6M$346.5M$154.7M
Interest expense$489.0M$535.9M$501.1M
Insurance claims and policyholder benefits, net of reinsurance$259.3M$260.5M$117.3M
Payroll and bonuses$426.5M$287.3M$180.3M
Professional services$46.3M$28.9M$34.2M
Stock compensation expense$68.0M$59.6M$22.7M
Advertising and sponsorship expense (including $27,151,$18,497, and from related parties)$103.3M$124.6M$38.3M
General and administrative expense$222.3M$162.5M$120.9M
Allowance for expected credit losses$52.4M$62.4M$21.2M
Cost of sales$79.6M$31.3M$17.5M
TOTAL EXPENSE$2.0B$1.9B$1.2B
INCOME BEFORE INCOME TAX$226.0M$104.6M$438.9M
Income tax expense-$72.6M-$28.4M-$60.4M
NET INCOME$153.3M$76.2M$378.5M
Less: Net loss attributable to non-controlling interest in subsidiary$0-$129.0K-$588.0K
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS$153.3M$76.3M$379.1M
Change in unrealized (loss)/gain on investments available-for-sale, net of tax effect-$4.8M$4.4M$6.2M
Reclassification adjustment for net realized (gain)/loss on available-for-sale investments disposed of in the period, net of tax effect-$4.9M$681.0K-$3.2M
Change in discount rate on liability for future policy benefits-$881.0K$6.8M-$4.8M
Foreign currency translation adjustments$54.0M-$104.1M$12.1M
OTHER COMPREHENSIVE INCOME/(LOSS)$43.5M-$92.2M$10.3M
COMPREHENSIVE INCOME/(LOSS) BEFORE NON-CONTROLLING INTERESTS$196.8M-$16.1M$388.8M
Less: Comprehensive loss attributable to non-controlling interest in subsidiary$0-$129.0K-$588.0K
COMPREHENSIVE INCOME/(LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS$196.8M-$16.0M$389.4M
Earnings per common share - basic (in dollars per share)$2.56$1.28$6.43
Earnings per common share - diluted (in dollars per share)$2.51$1.26$6.39
Weighted average number of shares (basic) (in shares)60.0M shares59.4M shares59.0M shares
Weighted average number of shares (diluted) (in shares)61.1M shares60.5M shares59.4M shares

Compare Freedom Holding with another company

Corporate structure

Freedom Holding sits at the top of its group. 7 entities, 2 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Freedom Holding

  • Timur Turlov Filed SCHEDULE 13D/A on Freedom Holding, latest Sep 18, 2026
  • Freedom Holding Kyiv, Ukraine
    • Лондон-Алматы (страховая компания) Subsidiary
    • FFIN Securities, Inc., Subsidiary · Nevada, United States
    • Freedom U.S. Market LLC, Subsidiary · Delaware, United States
    • Freedom US Technologies LLC, Subsidiary · Delaware, United States
    • LD Micro, Subsidiary · California, United States
    • Prime Executions, Inc., Subsidiary · Delaware, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; subsidiaries, stakes and holdings from Wikidata (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Freedom Holding reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Accumulated depreciation$59.6M6 Mar 31, 2026$25.2M6 Mar 31, 2025+136.2%
Property and equipment, net$358.4M6 Mar 31, 2026$191.1M6 Mar 31, 2025+87.5%
Operating-lease assets (leased space)$47.6M6 Mar 31, 2026$39.8M6 Mar 31, 2025+19.5%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$966.1M6 Mar 31, 2026$837.3M6 Mar 31, 2025+15.4%
Debt securities available for sale$574.0M6 Mar 31, 2026$473.6M6 Mar 31, 2025+21.2%
Loans, net of allowance$2.1B6 Mar 31, 2026$1.6B6 Mar 31, 2025+30.2%
Deposits held (banks)$7.1B6 Mar 31, 2026$4.3B6 Mar 31, 2025+65.0%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$51.1M6 Mar 31, 2026$49.1M6 Mar 31, 2025+4.1%
Intangible assets, net (excluding goodwill)$73.3M6 Mar 31, 2026$54.2M6 Mar 31, 2025+35.3%
Accumulated amortization$21.1M6 Mar 31, 2026$14.1M6 Mar 31, 2025+49.5%
Finite-lived intangibles, net$73.3M6 Mar 31, 2026$54.2M6 Mar 31, 2025+35.3%

Properties, in its own words

We lease and own a number of properties across our business segments: Brokerage, Banking, Insurance, and Other, through which we conduct our operations.

We currently lease office space for 222 retail, executive, administrative and operational facilities among other places in Kazakhstan, Cyprus, Uzbekistan, Azerbaijan, Armenia, the United States, Türkiye, Germany, Spain, France, Greece, Austria, Bulgaria, Poland, Netherlands, Italy, Lithuania and Kyrgyzstan. Our total aggregate leased square footage is approximately 869,654 square feet. We own 51 buildings consisting of an aggregate of approximately 289,021 square feet, in Kazakhstan and Cyprus.

The rest of Item 2

In our Insurance and Banking segments collectively, as of March 31, 2026, we owned 14 buildings consisting of approximately 120,156 square feet and we leased offices consisting of an aggregate of 318,515 square feet. Our Insurance and Banking segment properties include our principal offices in Kazakhstan, which are located at "Esentai Tower" BC, Floor 7, 77/7 Al Farabi Ave., Almaty, Kazakhstan 050040, and which are leased.

In our Other segment we own 36 buildings consisting of approximately 129,985 square feet. As of March 31, 2026, the area of leased offices in our Other segment was 345,580 square feet.

As of March 31, 2026, the area of leased offices in our Brokerage segment was 205,558 square feet. Our principal property in our Brokerage segment is our office building located at Christaki Kranou 20, Freedom Tower, 4041 Limassol, Cyprus with an area of 3,612 square meters (approximately 38,880 square feet), which we own. Also, we rent our offices in the United States serving as our principal executive offices, which are located at 40 Wall Street, 57th and 58th floor, New York, and comprise 15,253 square feet.

We consider our properties to be in good condition. While we believe our properties are adequate for our current needs, we have engaged in a number of business acquisitions in the past, and future acquisitions may require us to add additional space or dispose of existing space. For additional information regarding our office lease commitments see Note 27 "Leases" in the notes to our consolidated financial statements contained in Part II Item 8 of this annual report.

Item 2 of the 10-K filed Jun 1, 2026.19

The story

Founded by Timur Turlov in 2008.1

The company was founded in 2008 by Timur Turlov. In 2013, Freedom Finance established a subsidiary brokerage company, Freedom Finance JSC in Kazakhstan.

In 2013, the European subsidiary Freedom Finance Europe was established. In 2015, it obtained a full set of licenses from the Cyprus Securities and Exchange Commission (CySEC).

In 2014 the company arranged the listing of Bank of America stocks on KASE.

In 2015 the Company became a market maker for stocks of the national power operator of Kazakhstan, KEGOC, and in 2016 it carried out an IPO for Aktobe Metalware Plant JSC, which holds 70% of the metalwork market in Kazakhstan.

In 2017 the Company acquired one of its competitors, the Kazakhstani broker Asyl-Invest.

As of May 2017 the Company was a market maker for 12 securities: KEGOC, BAST, Aktobe Metalware Plant JSC, Bank of America, ETF S&P 500, along with major Russian bluechips like Aeroflot, Gazprom, Rostelecom, Magnit, Uralkali.

In 2015, BMB Munai was acquired and subsequently renamed Freedom Holding Corp., which included Freedom Finance, with Timur Turlov becoming the majority shareholder of Freedom Holding Corp.

In 2018, Freedom Finance entered the Uzbekistani securities market, establishing offices in 8 cities across the country. In the following year, the company has done several IPOs and SPOs for local manufacturing companies.

Read the full text

In October, 2019 Freedom Holding Corp. has been approved for listing on The Nasdaq Capital Market under the "FRHC." symbol, therefore marking company's IPO. The holding's shares are also traded on Kazakhstan's stock exchanges, KASE and AIX. FRHC shares are included in the MSCI U.S. Small Cap 1750 Index, MSCI U.S. Investable Market 2500 Index and Kazakhstan's AIX Qazaq Index (with a 15% share).

In June 2020 Freedom Holdings acquired the Russian stock broker and financial company Zerich Capital Management after it was approved by the Russian Federal Antimonopoly Service. Freedom said it would integrate the business into its existing Russian holdings. That same year the company acquired а Kazakh bank – Bank Kassa Nova JSC, the name of the bank was later changed to Freedom Bank Kazakhstan JSC.

In 2021 Freedom Holding Corp. completed acquisition of American broker Prime Executions, Inc. The acquisition marked the company's initial entry into the U.S. markets.

In 2021 Freedom Holding acquired Ticketon. In the same year Freedom Holding purchased Paybox for $11.5 million and the online supermarket Arbuz.

In 2022, the American subsidiary Freedom Capital Markets received a license to conduct underwriting activities.

In 2022, the holding company changed its auditor from WSRP and started working with Deloitte a "Big Four" accounting firm.

In October 2022, Freedom Holding Corp. announced withdrawal from Russia by selling its assets to the local management. The company has finalised its withdrawal from Russia by February 2023.

On April 24, 2023 Freedom Holding Corp. announced the acquisition of 100% shares in Aviata.kz and Chocotravel services from ChocoFamily Holding. The transaction amount is $32.3 million.

In 2023, Freedom Holding Corp. completed the acquisition of LD Micro, a conference platform for small-cap companies, formerly owned by SRAX.

In August 2023, Hindenburg Research released a report on Freedom Finance, which included allegations that the company was evading sanctions and compliance rules. The U.S. Securities and Exchange Commission and Department of Justice investigated related issues. An independent review by the legal team at Morgan, Lewis & Bockius and the forensic accounting experts at Forensic Risk Alliance concluded that the allegations were unfounded.

In June 2024, the holding company completed a cross-listing of its securities on the AIX exchange. On October 1, 2024, Freedom Holding Corp. shares were included in the AIX Qazaq Index, representing a 15% weighting.

In 2025, Freedom Holding launched QalamBalam, a media platform for children and teenagers created on the basis of the Qalam media group.

In the same year, the construction of the Freedom Cloud data center began. It is intended to establish a transit data transmission channel between Europe and China through Kazakhstan.

From Wikipedia’s article on Freedom Holding, shared under CC BY-SA 4.0.8

Leadership

Who has led Freedom Holding, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Boris Cherdabayev2006
  2. Gamal Kulumbetov2007–2010
  3. Timur Turlov2015–2023
  4. Robert Wotczak2023–2025
  5. Evgeny Ler2026–now

President

  1. Askar Tashtitov2007–now

Chief financial officer

  1. Sanat Kasymov2007–2008
  2. Evgeny Ler2009–2026
  3. Valeriy Kim2026–now

Chief operating officer

  1. Anuarbek Baimoldin2009–2010
2010201520202025
Board members and other officers (27)

Products and brands

Holding

As of 2024, Freedom Holding Corp. headquarters are located in Almaty, with company offices operating in 22 countries, including the United States, Uzbekistan, Cyprus, the United Kingdom, and Germany.

Brokerage companies provide access to stock exchanges in Kazakhstan (KASE and AIX), the United States (NYSE and Nasdaq), Hong Kong (HKEX), Uzbekistan (Tashkent Stock Exchange and the Uzbek Republican Currency Exchange), as well as European stock exchanges. Client transactions are conducted using the holding's proprietary platform, Tradernet.

In its home market of Kazakhstan, Freedom is developing a digital ecosystem that integrates banking, brokerage, and consumer services.

The company offers webinars, seminars, distant and resident courses in trading along with their professional services.

Read the full text

In December 2024, the agency S&P Global Ratings reaffirmed the long-term ratings of Freedom Holding Corp. at the "B+" level with a "stable" outlook.

List of subsidiaries

As of 2024, the holding included the following entities:

Freedom Finance JSC: A securities broker based in Kazakhstan.

Freedom Finance Global PLC: A securities broker operating in Astana International Financial Centre.

Freedom Bank Kazakhstan JSC: A banking institution in Kazakhstan.

Freedom Bank Tajikistan JSC: A banking institution in Tajikistan

Freedom Finance Life JSC: A life and health insurance provider in Kazakhstan.

Freedom Finance Insurance JSC: A liability insurance provider in Kazakhstan.

Freedom Finance Special Purpose Company LTD: Kazakhstan.

Freedom Finance Commercial LLP: A consulting company in Kazakhstan.

Freedom Finance Europe Ltd.: A brokerage firm based in Cyprus.

Freedom Finance Technologies Ltd: An IT development company in Cyprus.

Freedom Finance Germany: Germany.

Freedom UK Prime Limited: A financial intermediary in the United Kingdom.

Freedom Finance Uzbekistan LLC: A brokerage firm in Uzbekistan.

Freedom Finance Armenia LLC: A brokerage firm in Armenia.

Prime Executions, Inc.: A brokerage firm in the United States.

FFIN Securities, Inc.: United States.

Freedom Finance Ltd.: A financial intermediary in the UAE.

ITS Tech Limited: An IT support company in the Astana International Financial Centre.

Freedom Kazakhstan PC Ltd.: Kazakhstan.

Freedom Finance Turkey LLC: A financial consulting firm in Turkey.

Freedom Telecom LLP: A telecommunications company in Kazakhstan.

Arbuz Group LLP: An e-commerce and online retail company in Kazakhstan.

Aviata LLP: An online ticket aggregator in Kazakhstan.

Ticketon Events LLP ("Ticketon"): An online ticket sales platform in Kazakhstan.

Freedom Technologies LLP ("Paybox"): A payment service in Kazakhstan.

Freedom Finance JSC

As of July 1, 2024, JSC Freedom Finance serves as the official market maker for 101 securities listed on the Kazakhstan Stock Exchange (KASE) and for 10 securities listed on the Astana International Exchange. The company introduced stocks of global companies such as Apple Inc., Facebook Inc., Microsoft Corporation, Starbucks Corporation, Ford Motor Company, The Coca-Cola Company, and Nike Inc. to the Kazakhstani market.

In 2013, Freedom Finance acquired JSC Seven Rivers Capital, which had been operating in the securities market since 2006.

As of 2024, Freedom Finance holds leading positions in KASE rankings for activity in the equity, debt, and government securities sectors, as well as in repo and currency swap operations.

As of 2024, more than 86,000 accounts have been opened since the company's inception.

In 2022, the broker's market share accounted for 60-70% in terms of volumes and the number of clients.

Bank Freedom Finance Kazakhstan

The bank was established in 2020 through the acquisition and renaming of KassaNova Bank. Freedom Bank Kazakhstan offers products such as multi-currency and investment cards, online lending, and digital mortgages. In 2022, the bank had a market share of 58% in the online lending niche. By the end of 2023, it ranked among the top 8 banks by asset size.

Freedom Finance Global

Freedom Finance Global is a brokerage company registered in Kazakhstan in 2020. It holds a license from the Financial Services Regulation Committee to provide access to international financial markets (NYSE/NASDAQ, London Stock Exchange, Börse Frankfurt, HKEX, KASE, AIX) and exclusive access to IPOs and option trading. In 2022, the broker obtained a Qualified Foreign Investor (QFI) certificate in China.

In 2024, Freedom Finance Global became the first full member of the International Capital Market Association (ICMA) in Kazakhstan and Central Asia.

By the end of 2021, the broker had opened over 27,000 accounts and served nearly 60,000 clients in 2022, as of April 1, 2024, the company managed 178,000 accounts.

Freedom Finance Insurance

Freedom Finance Insurance, formerly known as Trust Insurance, was acquired at the end of 2018 and has been operating in the Kazakhstan market since 2009. The company introduced technology for special insurance terminals and launched online policy transfer services. In January 2020, Freedom Finance Insurance launched online car insurance against accidents. In terms of assets, the company ranked eighth in 2021, with a 87% increase compared to the previous year. In 2022, the holding acquired Insurance company London-Almaty JSC, which was later merged with Freedom Finance Insurance.

Freedom Finance Life

Operating in the Kazakhstani market since 2014, the company has been functioning under the Freedom brand since late 2018.

Key areas of activity include:

Life savings insurance programs (LSI),

Travel insurance for trips abroad,

Pension annuities.

Freedom Finance Europe Ltd.

Freedom Finance Europe Ltd. obtained direct membership in the international central securities depository Euroclear in 2021, expanding its range of operational, settlement, and depository services for clients in the European, UK, and US markets.

As of the end of 2024, the European broker serves more than 300,000 clients.

In 2024, the company was renamed Freedom24. It provides access to global stock markets, including European platforms such as ARCA, XETRA, and EURONEXT, as well as exchanges in Madrid, Vienna, Milan, Frankfurt, London, and Athens.

Financial performance

For the first half of the 2025 fiscal year (April 1 to September 30, 2024), Freedom Holding Corp. reported revenue of $1.03 billion. The company's market capitalization exceeds $6 billion. By the end of the 2025 fiscal year, the holding's revenue amounted to $2.1 billion, and its market capitalization exceeded $8.6 billion. In 2025, Freedom Holding Corp. shares were included in the Russell 3000 Index, which tracks the performance of the largest U.S. companies.

Charity

Freedom Holding is one of the largest philanthropists in Kazakhstan.

Responsibility for charitable activities rests with the Freedom Shapagat Foundation, established within the holding. In 2024, Freedom Holding Corp. allocated over 40 billion tenge to charitable and sponsorship initiatives. The main areas of its charitable activities include sports, education, and flood relief in western Kazakhstan.

Since 2021, the holding has been involved in the restoration of the Aral Sea ecosystem. Freedom Shapagat also allocated $4.5 million for the construction of a pumping station and water pipelines connecting a desalination plant with the central water supply hub in Aktau. This project helped provide more than 200,000 residents of Aktau with drinking water.

In 2025, Freedom JFL, the company's youth football project, was recognized as the 'Best Sports Organization' and received the national Metaratings Top Award.

In the same year, a new building dedicated to artificial intelligence and advanced technologies was opened at SDU University (Kazakhstan), funded by Freedom Holding Corp.

From Wikipedia’s article on Freedom Holding, shared under CC BY-SA 4.0.8

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • FFIN Securities, Inc., Nevada, USA *9
  • Freedom U.S. Market LLC, Delaware, USA9
  • Freedom US Technologies LLC, Delaware, USA9
  • LD Micro, California, USA9
  • Prime Executions, Inc., Delaware, USA9

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • BMB MUNAI INCDec 18, 2003 to Sep 5, 20177
  • INTERUNION FINANCIAL CORPNov 14, 1996 to Dec 16, 20037

Timeline

  1. Sep 17, 20268-K Shareholder vote55
  2. Sep 1, 2026New chief executive Evgeny Ler becomes CEO20
  3. Jul 10, 20268-K Unregistered sale of shares; Regulation FD disclosure56
  4. Jul 10, 20268-K Executive or director change57
  5. Jun 29, 20268-K Executive or director change58
  6. Jun 12, 20268-K Regulation FD disclosure59
  7. Apr 9, 20268-K Regulation FD disclosure60
  8. Oct 1, 20258-K Shareholder vote61
  9. Sep 23, 20248-K Shareholder vote62
  10. Jun 3, 20248-K Executive or director change63
  11. Feb 29, 20248-K Executive or director change64
  12. Feb 13, 20248-K Results of operations65
  13. Jan 25, 20248-K Other events66
  14. Nov 3, 2023New chief executive Robert Wotczak becomes CEO21
  15. Nov 24, 2015New chief executive Timur Turlov becomes CEO22
  16. 2008Founded Founded1
  17. Aug 16, 2007New chief executive Gamal Kulumbetov becomes CEO23
  18. Jun 22, 2006New chief executive Boris Cherdabayev becomes CEO24

Calendar

Coming up

  1. Nov 6, 2026Reports results for the quarter ending Sep/202667

When it reported results

  1. Feb 13, 2024Reported quarterly or annual results65

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

189 filings to the SEC since October 2021: 6 annual reports, 18 quarterly reports, 33 major events, 71 insider forms, 1 large holders, 60 other. The latest 20:

  1. Sep 18, 20264 EDGAR
  2. Sep 18, 20264 EDGAR
  3. Sep 18, 2026SCHEDULE 13D/A EDGAR
  4. Sep 17, 20268-K EDGAR
  5. Sep 1, 20264 EDGAR
  6. Sep 1, 20264/A EDGAR
  7. Aug 28, 20264 EDGAR
  8. Aug 28, 2026144 EDGAR
  9. Aug 27, 2026144 EDGAR
  10. Aug 21, 20264 EDGAR
  11. Aug 21, 2026144 EDGAR
  12. Aug 20, 2026144 EDGAR
  13. Aug 14, 20264 EDGAR
  14. Aug 14, 20263 EDGAR
  15. Aug 10, 202610-Q EDGAR
  16. Aug 6, 20263 EDGAR
  17. Jul 29, 2026ARS EDGAR
  18. Jul 29, 2026DEFA14A EDGAR
  19. Jul 29, 2026DEF 14A EDGAR
  20. Jul 22, 20264 EDGAR

The 189 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

53 open-market trades by officers, directors and large owners since October 2021: 6 buys and 47 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Aug 28, 2026Yerdessov AzamatFreedom Life Chief Exec. Ofc.Sale3,000$173.30$519.9KForm 4
Aug 26, 2026Kim ValeriyChief Financial OfficerSale5,000$169.31$846.5KForm 4
Aug 19, 2026Ler EvgenySpecial Advisor to CEOSale20,000$158.63$3.2MForm 4
Aug 19, 2026Ler EvgenySpecial Advisor to CEOSale20,000$158.63$3.2MForm 4
Aug 13, 2026Tukanov RenatCHIEF TECHNOLOGY OFFICERSale2,700$151.25$408.4KForm 4
Jun 22, 2026Tukanov RenatCHIEF TECHNOLOGY OFFICERSale1,800$140.82$253.5KForm 4
Jun 22, 2026Gamble AndrewDirectorSale357$141.04$50.4KForm 4
Jun 4, 2026Yerdessov AzamatFreedom Life Chief Exec. Ofc.Sale16,800$155.48$2.6MForm 4
Feb 25, 2026Lukyanov Sergey*See RemarksBuy12,000$120.42$1.4MForm 4
Feb 24, 2026Lukyanov Sergey*See RemarksBuy8,000$120.66$965.3KForm 4
Feb 12, 2026Gamble AndrewDirectorSale400$119.39$47.8KForm 4
Dec 29, 2025CHERDABAYEV BORISDirectorSale186$125.72$23.4KForm 4
Nov 6, 2025CHERDABAYEV BORISDirectorSale150$136.33$20.4KForm 4
Nov 4, 2025CHERDABAYEV BORISDirectorSale300$141.88$42.6KForm 4
Aug 29, 2025Lukyanov Sergey*See RemarksBuy5,725$171.67$982.8KForm 4
Aug 29, 2025Tukanov RenatCHIEF TECHNOLOGY OFFICERSale3,006$173.25$520.8KForm 4
Aug 27, 2025Yerdessov AzamatFreedom Life Chief Exec. Ofc.Sale2,007$177.00$355.2KForm 4
Jul 1, 2025Lukyanov Sergey*See RemarksBuy3,100$146.64$454.6KForm 4
Jun 30, 2025Lukyanov Sergey*See RemarksBuy3,800$144.05$547.4KForm 4
Jun 20, 2025Tashtitov AskarPresidentBuy600$140.75$84.5KForm 4

All 53 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2026Timur Turlov38$6.2M$17.0M69
2026Azamat Yerdessov41$660.3K$11.5M69
2026Askar Tashtitov47$2.5M$5.0M69
2026Evgeny Ler43$2.5M$4.8M69
2026Jason Kerr55$1.0M$2.4M69
2025CEO and$2.5M$7.5M69
2025President$1.0M$4.2M69
2025CFO$1.0M$3.8M69
2025CLO$1.0M$2.1M69
2024Chairman$2.5M$8.5M69
2024CFO$1.0M$2.7M69
2024President$1.0M$2.7M69

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.597,074$77.9M0.0%−5,560
State Street Corp230,249$30.0M0.0%+11,241
Geode Capital Management, LLC171,415$22.4M0.0%+2,350
Aqr Capital Management LLC115,495$14.9M0.0%+5,938
Morgan Stanley109,215$14.2M0.0%−8,400
Northern Trust Corp53,805$7.0M0.0%+508
UBS Group AG50,976$6.7M0.0%+455
Bank of New York Mellon Corp48,292$6.3M0.0%+2,000
Jpmorgan Chase & Co43,972$5.8M0.0%−18,024
Bank Of America Corp /de/42,745$5.6M0.0%+2,675
Bnp Paribas Financial Markets38,046$5.0M0.0%+16,430
Swiss National Bank36,900$4.8M0.0%+700
Nuveen, LLC35,808$4.7M0.0%+2,146
Vanguard Portfolio Management LLC34,851$4.5M0.0%+335
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC32,362$4.2M0.0%−3,126
Quantinno Capital Management LP31,144$4.1M0.0%+2,948
Barclays PLC27,522$3.6M0.0%+5,084
Quadrature Capital Ltd26,449$3.5M0.0%+7,615
Millennium Management LLC26,000$3.4M0.0%−33,980
California State Teachers Retirement System25,221$3.3M0.0%+7,744
Hsbc Holdings PLC24,249$3.1M0.0%+934
Jump Financial, LLC22,700$3.0M0.0%+16,095
Odyssean, LLC21,511$2.8M0.5%+10,052
Goldman Sachs Group Inc18,669$2.4M0.0%+5,087
VANGUARD ASSET MANAGEMENT, Ltd17,349$2.3M0.0%+2,355

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Freedom Holding is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARFreedom Holding Corp.2
  • CIK0000924805
  • Employer ID (EIN)30-023372619
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company19
  • Incorporated inNevada19
  • Fiscal year endsMarch 312
  • Industry code (SIC)6211 Security Brokers, Dealers & Flotation Companies2
  • SEC reviewing officeOffice of Crypto Assets, Division of Corporation Finance2
  • Business address40 Wall Street, 58Th Floor, New York, Ny, NY 100052
  • Phone1-212-980-44002
  • Shares outstanding63,787,666 as of Aug 7, 202617
  • Public float$3.2B as of Sep 30, 202519
  • AuditorDeloitte LLP, Almaty, Kazakhstan PCAOB ID 1056; it also attests to the company’s internal control over financial reporting19
  • On EDGAR sinceAug 7, 19962
  • Filings698 in all: 4 (134), 8-K (130), 10-Q (61), 3 (35), 144 (31), 10QSB (30), UPLOAD (27), CORRESP (25)2
    All 55 form types

    10-K (20), DEF 14A (17), 8-K/A (16), 10QSB/A (14), SC 13D (12), 10-Q/A (10), DEFA14A (10), 4/A (9), NT 10-Q (9), 5 (8), NT 10-K (8), SC 13G (7), SC 13G/A (7), 10-K/A (6), 10KSB (6), 10KSB/A (5), 10SB12G/A (5), 10KSB40 (4), ARS (4), EFFECT (4), SC 13D/A (4), DEFR14A (3), PRE 14A (3), S-8 (3), 144/A (2), 8-A12B (2), DEFS14C (2), POS AM (2), PRES14C (2), REGDEX (2), S-3/A (2), SB-2/A (2), 10SB12G (1), 25 (1), 3/A (1), 424B3 (1), 6-K (1), 8-A12G (1), CERT (1), CERTAMX (1), D (1), DEF 14C (1), PRE 14C (1), PRER14A (1), S-3 (1), SB-2 (1), SCHEDULE 13D/A (1)

  • Latest filingsAnnual report (10-K) Jun 1, 2026
    Quarterly report (10-Q) Aug 10, 2026
    Proxy statement (DEF 14A) Jul 29, 2026
    Latest 8-K (8-K) Sep 17, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, par value $0.001 per shareFRHCNasdaq

From the cover page of the 10-K filed Jun 1, 2026 (Section 12(b) of the Exchange Act).19

Risk factors and legal proceedings

The risks Freedom Holding names in Item 1A of its 10-K filed Jun 1, 2026: 66 risks under these headings, as written.19

  • The risks and uncertainties described in the risk factors below are those that we currently consider material, and the statements contained elsewhere in this annual report, including our financial statements, should be read together with these risk factors. The occurrence of any of, or a combination of, the following risks or uncertainties, or additional risks and uncertainties not presently known to us or that we currently believe to be immaterial, could materially and adversely affect our business, financial position, results of operations, liquidity, cash flows, or reputation.
  • Risks Related to our Business and Operations
  • Our relatively limited operational history and our historical growth trends may not be predictive of future operating results.
  • We may not be able to manage our growth effectively.
  • We anticipate that acquisitions will continue to play a key role in our growth strategy, but we may be unable to identify, acquire, complete or integrate acquisition targets successfully.
  • We have engaged in related party transactions and arrangements, which exposes us to a number of risks.
  • Competition in the markets in which we operate may result in a decrease in our market share and/or profitability.
  • We expect to incur losses in our new telecommunications and media businesses.
  • We may be unable to implement our digital fintech ecosystem strategy successfully.
  • Our investments in AI data center infrastructure utilizing advanced GPUs, including those supplied by NVIDIA Corporation, may not be successful and could materially adversely affect our business, financial condition, and results of operations.
  • We could suffer significant losses from credit exposure.
  • Our revenues are concentrated in certain customers and products, which may materially adversely affect our business, financial condition, results of operations and cash flows.
The other 55 risks
  • Risks related to our business relationships with third-party broker-dealers, clearing firms and market makers could result in reduced profitability, increased compliance costs, regulatory violations and negative publicity.
  • We are subject to potential losses as a result of our clearing and execution activities.
  • A breakdown or interruption in our operational systems or processes may adversely affect our reputation, customers, business activities, operational outcomes, and financial stability.
  • Our ability to meet our obligations, and the cost of funds to do so, depend on our ability to access identified sources of liquidity at a reasonable cost.
  • We may need to raise additional capital, and we cannot be sure that additional financing will be available or available on attractive terms.
  • Reductions in our credit ratings or an increase in our credit spreads could adversely affect our business, liquidity and cost of funding.
  • Our investments expose us to a significant risk of capital loss.
  • We may suffer significant loss from changes in the KASE's requirements related to the discount coefficients on the securities in securities repurchase transactions.
  • Our risk management framework may not be effective in mitigating risks and/or losses to us.
  • Our modeling and assumptions used in assessing risks in our business may differ materially from actual results.
  • In our insurance business, we may not be able to obtain reinsurance at required levels or prices, or otherwise collect on reinsurance, which could increase our exposure or limit our ability to write new policies.
  • We are dependent on our executive management team, particularly Timur Turlov, and our ability to hire and retain skilled personnel.
  • Extraordinary events beyond our control could negatively impact our business.
  • Our financial results are impacted by changes in interest rates.
  • We are exposed to foreign currency fluctuation risks.
  • Damage to our reputation could harm our business.
  • We may fail to adequately obtain, maintain, enforce and protect our intellectual property and similar proprietary rights, which may harm our business and competitive position.
  • Risks Related to the Global Political, Regulatory and Economic Environment
  • Our business and operations may be materially adversely affected by the ongoing Russia-Ukraine conflict, the war involving Iran and corresponding political and economic instability in the Middle East.
  • Sanctions imposed by Ukraine on our Chief Executive Officer and our former Ukrainian subsidiary could have a material adverse effect on us.
  • Non-compliance with U.S., EU, UK or other sanctions programs could adversely impact our company.
  • Emerging markets, such as many of the markets in which we operate, are subject to greater risks than more mature markets, including significant political, economic and legal risks.
  • The economies of Kazakhstan and other countries in which we operate are vulnerable to external shocks and fluctuations in the global economy.
  • Kazakhstan's economy is vulnerable to internal political and social unrest.
  • Continuing inflation has driven up the cost of goods and services and may further increase our expenses, weaken our competitive position, or lower consumer spending power.
  • Risks Related to Legal and Regulatory Matters
  • We are subject to extensive regulation, and the failure to comply with laws and regulations could subject us to monetary penalties or regulatory sanctions.
  • Financial services firms have been subject to increased regulatory scrutiny increasing the risk of financial liability and reputational harm resulting from adverse regulatory actions.
  • As a U.S. public company listed on Nasdaq we have substantial regulatory reporting obligations.
  • We are subject to risks related to anti-corruption laws in effect in the United States and the non-U.S. jurisdictions where we conduct business.
  • A failure by our subsidiaries or our company to meet capital adequacy and liquidity requirements could affect our business, financial condition, results of operations and cash flows.
  • The countries in which we operate have changing regulatory regimes, regulatory policies, and interpretations.
  • Our measures to prevent money laundering and terrorist financing violations may not be completely effective.
  • If we violate securities laws, or are involved in litigation in connection with a violation, our reputation and results of operations may be adversely affected.
  • We are subject to risks related to litigation, arbitration and regulatory actions.
  • Risks Related to Information Technology and Cybersecurity
  • Our operations are highly dependent on the continued and proper functioning of our information technology systems and infrastructure.
  • We interact with large volumes of sensitive data that expose us to data breaches and other cybersecurity risks and liabilities.
  • The infrastructure on which our IT systems depend is subject to events that could interrupt our ability to operate.
  • Failure or compromise of third-party systems operations or security could adversely affect our business and expose us to data breaches and cyber-attacks.
  • To remain competitive, we must keep pace with rapid technological change.
  • Incorporating AI technologies into some of our products and processes may present business, compliance, and reputational risks.
  • Reliance on centralized infrastructure and cloud services increases our exposure to larger scale service disruptions and cyber-attacks.
  • Taxation Risks Related to Our International Operations
  • Global anti-offshore measures could adversely impact our business.
  • OECD Inclusive Framework agreement on Pillar Two may affect our business.
  • Frequent tax law changes in regions where we conduct operations could adversely affect our business and the value of investments.
  • Transfer pricing legislation in certain jurisdictions where we operate may require pricing adjustments and impose additional tax liabilities.
  • Uncertainties and ongoing changes in Kazakhstan's tax regime may have an adverse impact on our business.
  • Risks Related to Our Corporate Structure and Internal Operations
  • As a diversified holding company with few operations of its own, we are reliant on the operations of our subsidiaries to fund its holding company operations.
  • As a "controlled company" under Nasdaq rules, we qualify for exemptions from certain corporate governance requirements that may adversely affect our stock price.
  • The interests of our controlling shareholder may conflict with those of other shareholders.
  • If we or our controlling shareholder, Timur Turlov, sold, or there is a perception that we or Timur Turlov may sell, large amounts of shares of our common stock, this could cause the market price of our common shares to decline.
  • Civil liability may be difficult or impossible to enforce against us.
  • We have identified material weaknesses in our internal control over financial reporting in the past, and we may identify material weaknesses in the future or fail to establish and maintain effective internal control over financial reporting, which could have a material adverse effect on our business and stock price.
  • Risks Related to Ownership of Our Securities
  • The price of our common stock has fluctuated historically and may be volatile.
  • Future offerings of securities which would rank senior to our common stock may adversely affect the market price of our common stock.
  • We do not intend to pay dividends on our common stock for the foreseeable future and, consequently, our stockholders' ability to achieve a return on their investment will depend on appreciation in the price of our common stock.

Legal proceedings

The information required to be set forth under this heading is incorporated by reference from Note 29 "Commitments and Contingencies" to the Consolidated Financial Statements included in Part II, Item 8 of this annual report on Form 10-K.

The opening of Item 3, Legal Proceedings.19

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