Freedom Holding

At the end of 2021, Freedom Holding provides financial services in ten countries around the world. Shares of the holding are traded on NASDAQ under the ticker symbol FRHC. Capitalization exceeds $4 billion. The activities are regulated by the U.S. Securities and Exchange Commission (SEC). Rating from S&P Global Ratings - B with a stable outlook.

Performance indicators

2024: Revenue growth 23% to $2.1 billion

In June 2025, Freedom Holding Corp. released its financial results for the 2025 fiscal year ended March 31, 2025. The company's revenue amounted to $2.1 billion, an increase of $384.2 million (23%) compared to 2024. Net income was $84.5 million, earnings per share - $1.43. Assets increased from $8.3 billion to $9.9 billion (+ 19%), liabilities - up to $8.7 billion (+ 22%). The increase was attributed to an increase in pension annuity and accident insurance contracts^[1]

2025

Purchase of the Kazakh service for the delivery of Arbuz products

The financial and technological ecosystem of Freedom Holding Corp. under the management of Timur Turlov completed a deal to fully consolidate the online supermarket Arbuz.kz. The holding brought the share of ownership in the company to 100%. This was reported in a report published on October 14, 2025 on the website of the US Securities Commission. Read more here.

Timur Turlov created the developer of robots Freedom Robotics and raised $6.6 million in investments for him

Freedom Robotics, a company founded in 2018 in the United States by Kazakhstan entrepreneur and Freedom Holding owner Timur Turlov, develops software solutions for the robotics industry to provide monitoring, control and management of robots and robotic fleets. In September 2025, Freedom Robotics raised $6.6 million in an initial round of funding. Investors included Toyota AI Ventures and Pagerduty founder Andrew Miklas, for example. Information in October 2025 published on the website inbusiness.kz. Read more here

Purchase of Wallet Solutions

In mid-November 2025, it became known that the international financial group Freedom Holding of billionaire Timur Turlov entered into an agreement on the acquisition of the Kazakh fintech company Wallet Solutions. The transaction amount is $1.9 million. Read more here

Investment holding BlackRock became the second largest shareholder of Freedom Holding Timur Turlov

The world's largest American asset management company BlackRock became the second largest co-owner of Freedom Holding, owned by Timur Turlov. The company announced this in August 2025 on its website. BlackRock invested about $89 million in Freedom Holding, thereby increasing the number of shares owned by 443,965 units - up to 520,565 units (0.85% of the company's total capitalization). In addition to BlackRock, among the co-owners of the State Street holding, Grace Partners of DuPage, and Geode Capital Management.^[2]

2024

Selling ITS tech software developer for millions of dollars

In August 2024, it became known that Freedom Holding sold the Kazakh software developer ITS tech. The deal, which ended in the second quarter of 2024, brought the holding a profit of $4.2 million. Read more here

Seizure of Executive Director's Property

On March 14, 2024, the Arbitration Court of the Nizhny Novgorod Region, at the request of the state corporation Deposit Insurance Agency (DIA), seized the funds and other property of a number of persons against whom claims for recovery of losses were made in connection with the withdrawal of assets from the Association Bank. In particular, the property of the shareholder and executive director of Freedom Holding Timur Turlov for €19 million and $2 million was arrested. Read more here.

2023

Share price gains after Hindenburg Research shortseller attack

In October 2023, Timur Turlov is trying to understand how Hindenburg Research's bet against his Kazakh brokerage was so "unsuccessful" that at one point it brought him income in the amount of more than $1 billion.

In August, an American short seller targeted Freedom Holding Corp., a Kazakh billionaire, with accusations ranging from fraud and market manipulation to circumvention of sanctions. Within days, the company's stock soared to a record high.

Turlov claims that the short seller underestimated the level of customer confidence.

Freedom Holding bought 81.92% in Arbuz Group

On June 21, 2023, Freedom Holding announced the purchase of 81.92% of Arbuz Group from a group of private investors. The company did not disclose the value of the transaction. Read more here.

2022: Timur Turlov - the new owner of Freedom Finance

In early June 2022, it became known about the departure of the American company Freedom Holding from the Russian market. She sells her assets in the Russian Federation to the founder of Freedom Finance Timur Turlov. Read more here.

2021: Purchase of US broker MKM Partners

In December 2021, it was announced that Freedom Holding Corp is acquiring US broker MKM Partners. The deal will be paid for with money and FRHC shares.

To close, it must obtain the approval of the regulator in the securities market - FINRA.

Thanks to the deal, Freedom will strengthen the international business segment and expand its presence in the American market, said Timur Turlov, founder of Freedom Finance and CEO of Freedom Holding.

MKM Partners is engaged in trading operations on the stock market, conducts analytical research, real estate assessment. Based in Stamford, Connecticut.

2020

The fortune of the head of Freedom Holding Timur Turlov exceeded $1 billion

In September 2020, the 32-year-old Timur Turlov became a dollar billionaire thanks to the rise in quotations of his investment company Freedom Holding. The agency drew attention to this. Bloomberg More. here

Kassa Nova bank purchase for $40 million

In early August 2020, Kazakh oligarch Timur Turlov, owner of Freedom Holding, which works in the post-Soviet, including Russian, market under the Freedom Finance brand, bought Kassa Nova from one of the richest entrepreneurs in Kazakhstan, Bulat Utemuratov. The transaction amount will be more than $40 million. It must close before the end of the year after the local regulator approves it in terms of compliance with antitrust laws. Turlov himself told Kazakh journalists that the new bank will focus on the investment business.

In Russia, Turlov also has his own bank, Freedom Finance (formerly Okhabank), which is focused on servicing clients of a brokerage company.

Purchase of Zerich Capital Management

In July 2020, Freedom Holding, represented in Russia by the investment company Freedom Finance, announced the purchase of one of the oldest Russian brokers - Zerich Capital Management. Read more here.

Purchase of 20% of the Ukrainian Exchange

In early July 2020, the holding bought 20% of the Ukrainian Exchange.

Notes