BlackRock becomes second-largest shareholder of Freedom Holding

BlackRock, the world’s largest investment management company, has invested nearly $89 million in Freedom Holding, whose majority shareholder is Kazakhstani businessman Timur Turlov. As a result, it has emerged as the company’s second-largest shareholder by number of shares held.

BlackRock increased its stake in Freedom Holding Corp. to 0.85% in the most recent reporting period. According to Bloomberg, the investment amounted to about $89 million. Over the quarter, BlackRock added 443,965 shares, bringing its total holdings to 520,565 shares.

Other shareholders of Freedom Holding include global investment giants such as State Street Corp., which has an investment of $31.9 million and reported an increase of 138,017 shares, bringing its total to 186,779. In addition, Grace Partners of DuPage L.P. invested about $31.5 million, while Geode Capital Management allocated $27.3 million.

BlackRock, Inc., headquartered in New York, is the world’s largest multinational investment manager, focusing on investment and risk management for institutional and retail clients while also providing technological solutions.

Founded in 1988, the company manages assets worth $12.5 trillion as of 2025 and is known for its exchange-traded funds, such as iShares, and for its Aladdin software.

The majority shareholder of Freedom Holding remains Timur Turlov, who owns a 69.26% stake valued at more than $7.2 billion.

For the 2025 fiscal year (April 2024 through the end of March 2025), Freedom Holding Corp. reported revenue of $2.1 billion, up 23% year-on-year (YoY). Net profit reached $84.5 million. Assets rose from $8.3 billion to $9.9 billion, an increase of 19% YoY.

In Kazakhstan, the holding provides brokerage services under the Freedom Broker brand (a member of KASE) and the Freedom Finance Global brand (a member of AIX). Other subsidiaries of Freedom Holding Corp. also operate in the country, including Freedom Bank and the insurance companies Freedom Insurance and Freedom Life.