On Oct. 15, 2019, shares of Timur Turlov’s Freedom Holding Corp. began trading on the American stock exchange Nasdaq under the ticker FRHC. Over the past seven years, the holding company’s stock price has risen twelvefold, from $14.40 to $176.14 (as of Oct. 15, 2026). The company’s market capitalization now exceeds $11.2 billion.
How it happened
On Oct. 2, 2019, the holding company announced its listing on the Nasdaq Capital Market. Freedom Holding Corp. became the first financial company from Kazakhstan to be listed on an American exchange. At the time, Turlov, the company’s founder and CEO, described it as a milestone and a major achievement that would let the company share its vision with a broader investor base and build strategic relationships with financial partners.
At a press conference in New York on Oct. 14, 2019, Turlov clarified that this was a listing without a capital raise. Neither the company nor its key shareholders needed additional funds at the time. The objective was to increase demand for the shares while keeping the supply the same.
Last year, FRHC shares were included in the Russell 3000 Index, the First Trust Financial AlphaDEX ETF, and The Motley Fool’s Moneyball portfolio, marking the sixth anniversary of its Nasdaq listing.
Financial results
According to its report for the first quarter of the fiscal year 2027, which ended June 30, 2026, Freedom Holding Corp.’s revenue rose 40% to $732.9 million, up from $524 million a year earlier. This growth was driven by increases in interest income (from $198.6 million to $295.1 million), commission income (from $107.6 million to $156.7 million) and gains from securities trading (from $45.6 million to $79.8 million).
Profit before tax reached $40.8 million, net profit exceeded $31.7 million and earnings per share stood at $0.52. The holding company’s total assets grew to $14 billion, with shareholders’ equity reaching $1.5 billion.
The number of clients across the group’s companies rose to 8.7 million. The Freedom SuperApp user base reached 6 million, the number of brokerage accounts totaled 874,000, and the number of clients using non-financial services reached nearly 1.5 million. Including partner services, the ecosystem’s total client base exceeded 14 million, up from 11.7 million a year earlier.
The holding company’s total revenue for the full 2026 fiscal year amounted to $2.19 billion. For comparison, this is 26 times higher than the figure recorded in the year the company went public on Nasdaq.
Key events of 2026
January. At a strategic session in Limassol, Cyprus, Timur Turlov outlined a shift in the group’s strategy: moving away from a «portfolio of services» model toward the role of digital infrastructure that contributes to the advancement of society and the state.
February. In a Reuters interview, Timur Turlov discussed plans to expand beyond Central Asia. The goal is to integrate Eurasia’s economies across a region stretching from Turkey to Mongolia. Among the company’s priorities, Turlov mentioned acquiring a bank in Turkey, establishing or acquiring a bank in continental Europe country, and entering the Pakistani market.
March. On March 10, Freedom Holding Corp. announced an agreement to acquire a 99.32% stake in the Turkish bank Turkish Bank A.Ş.
On the same day, S&P Global Ratings affirmed the holding company’s credit rating and those of its key subsidiaries. Freedom Holding Corp.’s long-term rating remained at «B-» with a stable outlook, while ratings for its brokerage and banking units were set at «B+/B» with a positive outlook. The agency highlighted asset growth, consistent profitability and the development of the company’s banking and brokerage segments. Commenting on S&P’s decision, Turlov noted on his Telegram channel that while the company’s growth is indeed rapid, it is proceeding «exactly in line with the strategy we have chosen.»
On March 13, the Defense Tech IT Park, a center for defense technologies, opened at the Army House in Almaty with the support of the holding company. The facility provides a space for IT students, including those from military training departments, to work on projects for the armed forces, participate in hackathons and join acceleration programs. The center was inaugurated by Minister of Defense Dauren Kossanov. Timur Turlov described the project as an example of a public-private partnership aimed at strengthening national security.
April. The holding company announced the acquisition of the German firm ChessBase — one of the world’s longest-standing providers of chess software, analytics and game databases. The project’s development is estimated to cost about €5 million. The company’s headquarters and staff remained in Hamburg.
May. On May 26, Timur Turlov addressed MBA students at Stanford Graduate School of Business, marking the first time a case study was dedicated to a company from Central Asia. Among the metrics discussed during the meeting were the processing of a digital mortgage in 4 hours and 34 minutes and Freedom Bank’s rise to the top spot in Kazakhstan by Mastercard payment volume within just 18 months. The holding company’s CEO also explained how big data and machine learning enable more precise assessment of insurance risks, allowing for cashback offers of up to 40% for reliable drivers.
June. Freedom Holding Corp. launched a rebranding initiative, consolidating all its business lines under the unified «Freedom» brand without specific qualifiers such as «Bank,» «Broker» or «Insurance.» The company is rolling out this transition in stages across all countries where it operates.
Earlier that month, the holding company applied for a banking license in France. Freedom plans to invest €500 million over the next five years to establish a digital bank and the necessary infrastructure in Europe. A French license would give the company a «European passport,» enabling operations across the EU market.
Also in June, Freedom Travel launched a booking aggregator featuring 3 million hotels and announced preparations to expand into Europe. Meanwhile, Freedom Lifestyle Group introduced «Fan2Fan,» a service that lets SuperApp users resell tickets to one another without associated risks.
The holding company also increased the capital of its Japanese subsidiary, Freedom Japan Co., Ltd., by 90 million yen (approximately $563,000), bringing its stake to 90%. In this project, Freedom partners with local firm Ledax Co., Ltd.
At a forum on administrative justice attended by President Kassym-Jomart Tokayev, Turlov described the Kazakhstani model of interaction between the state and digital ecosystems as one of the world’s most successful.
On June 24, S&P Global Ratings upgraded the long-term ratings of the group’s key entities from «B+» to «BB-.»
July. On July 10, Turlov’s Freedom Holding Corp. completed a secondary offering of 2.37 million shares, raising $300 million.
On July 31, the holding company finalized the acquisition of a 99.32% stake in Turkish Bank A.Ş. from Özyol Holding and the National Bank of Kuwait. The bank was renamed Freedom Bank A.Ş., and Vladimir Pochekuev, a partner at the holding company, was appointed chairman of its board of directors. The group plans to use the newly acquired bank as a foundation for developing an ecosystem in Turkey similar to the one it has built in Kazakhstan.
August. Freedom became the primary stakeholder in Bilim Group — the largest EdTech company in Central Asia, with a daily audience of approximately 1 million users. The holding company intends to integrate educational services into its SuperApp and expand its collaboration with OpenAI.
September. S&P upgraded the outlook for Freedom Holding Corp. and four of its key subsidiaries from «stable» to «positive.» On the national scale, the ratings for Freedom Finance JSC and Freedom Bank Kazakhstan JSC were raised from «kzA-» to «kzA.» The agency highlighted the group’s progress in risk management and compliance.
At Almaty Finance Days, Timur Turlov discussed the development of an AI assistant for Freedom: clients will be able to state a task in plain language — such as changing a flight booking or assembling an investment portfolio — and the AI agent will find a way to execute it.
Freedom Holding Corp. is an international financial group with operations in 24 countries. The holding company employs over 12,100 people. Its ecosystem encompasses brokerage, banking, insurance, telecommunications and lifestyle services. The company’s common shares are traded on the Nasdaq Capital Market under the ticker FRHC.
