Editorial staff
HOW KAZAKHSTAN’S INNOVATIVE FINTECH IS DRAWING ATTENTION FROM THE WORLD’S BIGGEST INSTITUTIONAL INVESTORS
The latest update on institutional holdings of Freedom Holding Corp. (FRHC) highlights growing interest from major investors during the third quarter of 2025. Strong institutional interest not only signals trust in the group’s diversified business and long-term growth potential, but also enhances market visibility and supports further strategic development.
What draws top names like BlackRock, Morgan Stanley, and State Street to a fintech group like Freedom Holding, which combines innovative financial, lifestyle, and tech services with an accent on emerging markets?
The latest update on institutional holdings of Freedom Holding Corp. common stock (FRHC) was recently published on the company’s NASDAQ page, highlighting an increase in investor interest during the third quarter of 2025. Institutional positions are reported by major investment firms via Form 13-F to the Securities and Exchange Commission and are typically disclosed about 45 days after the quarter ends.
Major Names, Major Moves
According to the data, BlackRock continued to expand its stake in Freedom Holding Corp. for the second consecutive quarter, this time by 4.7%, bringing its total share to 0.94% and reaffirming its position as the largest institutional investor in Freedom. During the third quarter of 2025, the world’s largest asset manager acquired an additional 24,491 shares, bringing its total to 545,056 shares. As of September 30, this position was valued at nearly $75 million. Following a record purchase in the previous quarter, when its holdings surged by 579%, BlackRock’s continued accumulation of FRHC’s stock signals sustained confidence in the company.
In addition to BlackRock, other top ten institutional holders also increased their positions in Freedom. JPMorgan Chase & Co. and Citadel Advisors LLC saw the largest gains in Q3, raising their stakes by 188.617% and 177.162%. Now ranking sixth and seventh among institutional owners, their positions are each valued at about $10 million.
The third-largest increase was recorded by Morgan Stanley. In Q3 2025, it lifted its total shares by 59.518% to 195,887, worth almost $27 million. This places the investment bank third behind BlackRock and State Street Corp., with the latter holding the second-largest position, valued at $28.6 million.
What are the reasons behind the constantly growing interest from the world's top-tier institutional investors in Freedom Holding?
Tech Innovations, Talent, and Trust
One of the obvious reasons: in summer 2025, Freedom Holding Corp. was added to the Russell 3000 index, which naturally boosts the stock’s visibility and liquidity, attracting institutional investors and index-tracking funds, and expanding the company’s shareholder base. However, experts note that this is only part of the story—much of the investors’ motivation comes from other factors. Freedom Holding—a diversified innovative financial and technology group rooted in Kazakhstan and traded on NASDAQ— is accelerating its growth across several key areas.
The group, which is already present in more than 20 jurisdictions, including the U.S., Europe, and Central Asia, is deepening its footprint through new licenses, infrastructure investments, and product launches. Freedom Holding Corp. secured a brokerage license in Turkey in May 2025, opening the door to Middle Eastern markets. The company plans to expand into the UAE and launch a digital bank in Tajikistan. Besides this, Freedom, as founder and CEO Timur Turlov recently stated, is actively exploring opportunities to bring cutting-edge fintech products developed in Kazakhstan to American consumers.
Freedom Holding continues to scale its businesses, widening its fintech ecosystem. Besides brokerage, banking, insurance, lifestyle services like e-grocery, tickets, and travel, the holding is actively developing its telecom and media business. Thus, the group is building a regional video and streaming platform for Kazakhstan and the broader Central Asian region—Freedom Media—and, as Timur Turlov recently declared, “has already signed direct agreements with major U.S. studios, including Paramount, Sony, NBCUniversal, Disney, and others”. Over the next five years, Freedom plans to invest about $50 million in developing the service. This will lay the foundation for long-term partnerships with U.S. content producers.
At the same time, the group is pushing forward major technological initiatives, including large-scale cloud, data, and artificial intelligence projects designed to improve customer experience and boost long-term operational efficiency. Using AI and big-data solutions, Freedom automates key banking processes, reduces risks and speeds up procedures in insurance, provides portfolio analysis and personalized investment advice for clients, and allows customers to access a wide range of services—from grocery shopping to tax management—through simple voice commands.
Another recent example—Freedom Holding is teaming up with the Government of Kazakhstan and NVIDIA to build a $2 billion sovereign AI hub. The project aims to create one of the region’s largest AI platforms while supporting infrastructure and local talent development.
More Is Yet to Come
When top-tier institutional investors show interest in a company like Freedom Holding Corp., this sends a clear message to other market participants. It signals that experienced, well-known investors trust the company’s strategy, management, and growth potential.
This can encourage additional investors to consider the stock, increase trading activity, and boost confidence in the company’s prospects. For those looking at emerging-market opportunities, seeing respected global investors on board makes Freedom more credible and attractive as a long-term investment.
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