FRMM on Nasdaq

FORUM MARKETS Inc

RWAs into compliant, tradable instruments with both primary and secondary market liquidity.3 From its latest annual report

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Last updated Oct 19, 2026.

Overview

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  • TickerFRMM on Nasdaq1
  • IndustryFinance Services1
  • HeadquartersPalm Beach, Florida1
  • Business address2875 South Ocean Blvd, Suite 200, Palm Beach, Fl2
  • Filer categoryNon-accelerated filer, Smaller reporting company2
  • Legal formCorporation

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RWAs into compliant, tradable instruments with both primary and secondary market liquidity.3 From its latest annual report

Financials

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

Key numbers, fiscal 2025

-3565.8%Operating margin4
-6881.3%Net margin4
-188.2%Return on equity4

What sells

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

Products and services

Liquid Staking Revenue brought in 91% of the revenue FORUM MARKETS Inc broke down this way in fiscal 2025.

  1. Liquid Staking Revenue$6.0M491%
  2. Native Staking Revenue$455.0K47%
  3. Reward Revenue$141.0K42%
Products and services by year
Products and services2025
Liquid Staking Revenue$6.0M
Native Staking Revenue$455.0K
Reward Revenue$141.0K

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs100¢$6.5M

Out of $6.5M in revenue.4 The company lost money this year.

Financial statements

Operating income567894-$233.4M in 2025+1019% since 2019
-$300.0M-$200.0M-$100.0M02019: -$20.9M-$20.9M20192020: -$5.6M-$5.6M2020−73%2021: -$15.6M-$15.6M2021+177%2022: -$17.9M-$17.9M2022+14%2023: -$13.5M-$13.5M2023−25%2024: -$4.4M-$4.4M2024−67%2025: -$233.4M-$233.4M2025+5183%
Net income567894-$450.5M in 2025+1674% since 2019
-$600.0M-$400.0M-$200.0M02019: -$25.4M-$25.4M20192020: -$10.9M-$10.9M2020−57%2021: -$20.3M-$20.3M2021+87%2022: -$38.7M-$38.7M2022+91%2023: -$19.9M-$19.9M2023−49%2024: -$14.2M-$14.2M2024−29%2025: -$450.5M-$450.5M2025+3077%

Every line of the income statement as filed: the last 2 fiscal years, latest first.4

Period ending2025-12-312024-12-31
Revenue$6.5M
Total Revenue$6.5M
General and administrative$240.0M$4.4M
Total Operating Expenses$240.0M$4.4M
Loss From Operations-$233.4M-$4.4M
Dividend income$1.2M
Interest income$4.5M
Other income$1.8M
Interest expense-$3.1M-$35.0K
Change in fair value of convertible debt-$103.9M
Change in fair value of available for sale securities-$138.0K
Digital asset gains and losses-$21.1M
Change in fair value of long-term receivable derivative-$81.3M
Loss on make whole provision-$6.3M
Gain on settlement of liabilities$53.0K
Total other (expense) income, net-$210.1M$1.8M
Loss Before Income Taxes-$443.5M-$2.6M
Income tax expense (benefit)-$2.0K
Net Loss From Continuing Operations-$443.5M-$2.6M
Net Loss From Discontinued Operations-$7.0M-$3.6M
Deemed dividend-$8.0M
Net Loss-$450.5M-$14.2M
Foreign currency translation adjustments-$114.0K-$16.0K
Change in fair value of held to maturity securities$38.0K
Total other comprehensive income (loss)-$76.0K-$16.0K
Total Comprehensive Loss-$450.6M-$14.2M
Continuing operations, basic (in Dollars per share)-$54-$29
Continuing operations, diluted (in Dollars per share)-$54-$29
Discontinued operations, basic (in Dollars per share)-$1-$39
Discontinued operations, diluted (in Dollars per share)-$1-$39
Basic (in Shares)8.2M shares91.5K shares
Diluted (in Shares)8.2M shares91.5K shares

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Leadership

Who has led FORUM MARKETS Inc, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Marlene Krauss2017
  2. James N. Woody2020–2023
  3. Blair Jordan2025
  4. McAndrew Rudisill2025–now

Chief financial officer

  1. Ozan Pamir2020–2023
  2. John Tazewell Saunders2025–now

Chief operating officer

  1. Joseph Williamson2017
  2. Quan Anh Vu2021
20202025
Board members and other officers (25)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Executive OfficerEric Van Lent named Sep 15, 202542
  • DirectorStephen H. Shoemaker named Jan 10, 2025 to Sep 15, 202542

Former names

  • ETHZilla CorpAug 18, 2025 to Feb 20, 20262
  • 180 Life Sciences Corp.Dec 10, 2019 to Aug 14, 20252
  • KBL MERGER CORP. IVNov 16, 2016 to Nov 6, 20202

Timeline

  1. Nov 17, 2025New chief executive McAndrew Rudisill becomes CEO13
  2. Feb 7, 2025New chief executive Blair Jordan becomes CEO12
  3. Nov 12, 2020New chief executive James N. Woody becomes CEO14
  4. Jun 1, 2017New chief executive Marlene Krauss becomes CEO15

Filings

499 filings to the SEC since October 2021: 10 annual reports, 15 quarterly reports, 161 major events, 129 insider forms, 41 large holders, 2 private raises, 141 other. The latest 20:

  1. Oct 5, 20268-K CURRENT REPORT EDGAR
  2. Aug 21, 20268-K CURRENT REPORT EDGAR
  3. Aug 19, 20268-K CURRENT REPORT EDGAR
  4. Aug 14, 2026SCHEDULE 13G/A EDGAR
  5. Aug 14, 2026SCHEDULE 13G/A EDGAR
  6. Aug 14, 20264 EDGAR
  7. Aug 14, 202610-Q QUARTERLY REPORT EDGAR
  8. Aug 14, 20264 EDGAR
  9. Aug 14, 2026SCHEDULE 13G/A EDGAR
  10. Jul 30, 20268-K CURRENT REPORT EDGAR
  11. Jul 23, 20264 PRIMARY DOCUMENT EDGAR
  12. Jul 20, 20264 PRIMARY DOCUMENT EDGAR
  13. Jul 16, 20268-K CURRENT REPORT EDGAR
  14. Jul 14, 20264 EDGAR
  15. Jul 9, 20264 EDGAR
  16. Jul 9, 2026DEFA14A SOLICITING MATERIAL PURSUANT TO 240.14A-12 EDGAR
  17. Jul 9, 2026ARS EDGAR
  18. Jul 8, 2026DEF 14A DEFINITIVE PROXY STATEMENT EDGAR
  19. Jul 7, 2026SCHEDULE 13G/A EDGAR
  20. Jul 7, 20263 EDGAR

The 499 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

27 open-market trades by officers, directors and large owners since October 2021: 17 buys and 10 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jul 21, 2026Lomashuk Konstantin10% ownerSale250,000$6.00$1.5MForm 4
Jul 15, 2026Lomashuk Konstantin10% ownerSale2,562$6.30$16.1KForm 4
Jul 9, 2026Lomashuk Konstantin10% ownerSale3,387$6.15$20.8KForm 4
Jul 8, 2026Lomashuk Konstantin10% ownerSale1,100$6.13$6.7KForm 4
Jul 7, 2026Lomashuk Konstantin10% ownerSale3,702$6.41$23.7KForm 4
Aug 11, 2025ELRAY RESOURCES, INC.Sale405,148$3.17$1.3MForm 4
Aug 8, 2025ELRAY RESOURCES, INC.Sale777,595$3.18$2.5MForm 4
Aug 7, 2025ELRAY RESOURCES, INC.Sale135,257$3.56$481.5KForm 4
Jul 27, 2025ELRAY RESOURCES, INC.Sale1,680,000$3.00$5.0MForm 4
Dec 15, 2023Feldmann MarcDirectorSale25,000$0.19$4.8KForm 4
Dec 15, 2023Woody James N.Chief Executive OfficerBuy25,000$0.19$4.8KForm 4
Jun 1, 2023STEINMAN LAWRENCEDirectorBuy18,000$1.23$22.1KForm 4
May 31, 2023McGovern Jr. Donald A.DirectorBuy10,000$1.15$11.5KForm 4
May 19, 2023McGovern Jr. Donald A.DirectorBuy5,000$1.16$5.8KForm 4
May 18, 2023McGovern Jr. Donald A.DirectorBuy10,000$1.05$10.5KForm 4
May 18, 2023Marrone Pamela GDirectorBuy7,082$1.06$7.5KForm 4
May 18, 2023Pamir OzanCFOBuy5,162$1.01$5.2KForm 4
May 18, 2023Woody James N.Chief Executive OfficerBuy40,000$1.03$41.2KForm 4
Dec 16, 2021Vu Quan AnhCOO / Chief Business OfficerBuy8,000$3.98$31.8KForm 4
Dec 10, 2021Pamir OzanCFOBuy3,800$3.87$14.7KForm 4

All 27 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.

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Jul 29, 2025Raised $425 million in a private offering of equity Form D: 80 investors so far Form D
  2. Dec 30, 2024Raised $2.9 million in a private offering of equity Form D: 5 investors so far Form D

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 39. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Stokes Family Office, LLC958,275$5.2M0.6%+190,475
Vise Technologies, Inc.857,141$4.7M0.1%New
Citadel Advisors LLC413,552$2.2M0.0%+68,327
Saba Capital Management, L.P.371,561$2.0M0.1%−109,148
Vanguard Capital Management LLC302,063$1.6M0.0%+117,676
BlackRock, Inc.301,339$1.6M0.0%+48,913
Geode Capital Management, LLC179,977$977.7K0.0%−23,656
UBS Group AG169,656$921.2K0.0%−158,138
Goldman Sachs Group Inc167,047$907.1K0.0%+5,292
Morgan Stanley144,535$784.8K0.0%−7,108
Bank Of America Corp /de/124,358$675.3K0.0%+30,000
Barclays PLC97,265$528.1K0.0%+1,183
Almitas Capital LLC80,408$436.6K0.1%No change
Millennium Management LLC77,772$422.3K0.0%+5,427
State Street Corp76,221$413.9K0.0%+15,169
Vanguard Fiduciary Trust Co71,410$387.8K0.0%−8,639
Group One Trading LLC68,200$370.3K0.0%+34,579
Charles Schwab Investment Management Inc64,766$351.7K0.0%−4,234
Wealthspire Advisors, LLC56,653$307.6K0.0%New
Jane Street Group, LLC56,286$305.6K0.0%−55,566
ExodusPoint Capital Management, LP56,016$304.2K0.0%−39,475
Invesco Ltd.31,069$168.7K0.0%−21,728
Northern Trust Corp29,106$158.0K0.0%−4,168
J. Derek Lewis & Associates Inc.22,100$120.0K0.0%−6,900
IMC-Chicago, LLC15,778$85.7K0.0%−23,664

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

Sources

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