Siebert Financial Corp. (SIEB): History, Ownership, Mission, How It Works & Makes Money

Siebert Financial Corp. (SIEB) has been a quiet force in the financial world for decades, but how is this storied firm-founded by the first woman to own a seat on the New York Stock Exchange-navigating the current market's digital shifts?

You might see its trailing twelve-month revenue hitting around $90.7 million through Q3 2025, a solid figure, but what does the massive 73.7% jump in stock borrow/stock loan revenue, which hit $10.0 million in Q3 2025 alone, tell you about their defintely changing revenue mix and new strategy? Are they just a legacy brokerage, or is the launch of Siebert.Pro for active traders and their new Digital Assets Research truly positioning them for the next generation of investors?

We'll break down the ownership structure, the mission that guides their expansion into investment banking, and the mechanics of how they actually make money so you can assess if this stock is a smart bet for your portfolio.

Siebert Financial Corp. (SIEB) History

You want a clear, no-nonsense look at Siebert Financial Corp.'s journey, and the story is defintely one of breaking barriers and strategic pivots. The direct takeaway is that Siebert Financial Corp. began as a revolutionary, single-person brokerage, and its recent history is a high-speed pivot toward a diversified, tech-forward financial services and media conglomerate, fueled by significant 2025 capital strategy.

Given Company's Founding Timeline

Year established

The company was established in 1967 as Muriel Siebert & Co., LLC.

Original location

The original location was in New York, which is where Muriel Siebert secured her seat on the New York Stock Exchange (NYSE).

Founding team members

The sole founder was Muriel Siebert, who became the first woman to own a seat on the NYSE and the first to head one of its member firms.

Initial capital/funding

Muriel Siebert purchased her NYSE seat for $445,000 in December 1967, the foundational capital event that launched the firm.

Given Company's Evolution Milestones

Given Company's Transformative Moments

The company's history is defined by two major transformative moments: the founding and the 2016-2025 strategic pivot. Muriel Siebert's original act in 1967 was purely revolutionary-she was a lone woman among 1,365 men on the NYSE floor. That's a powerful start.

The second major shift came with the new management team, which has been rapidly transforming the firm from a traditional discount broker into a diversified financial services player. They are using capital to buy growth, not just wait for it. For example, in the second quarter of 2025, they invested $2.0 million in FusionIQ, a digital wealth management platform.

This aggressive diversification is clear in the 2025 numbers. Third-quarter 2025 revenue was $26.8 million, up 19% year-over-year, but operating income dropped to $2.2 million, a 54.8% decrease. Here's the quick math: the lower operating income is a direct result of the heavy investment in new business lines like investment banking, Siebert Pro, and Gebbia Media. They are trading near-term margin for long-term scale.

• Digital Asset Focus: The June 2025 shelf registration for up to $100 million explicitly targets investments in digital assets like Bitcoin, Ethereum, and Solana, plus AI technologies.
• Media & Entertainment Expansion: Siebert Financial Corp. is actively using its Gebbia Media subsidiary to launch financial literacy campaigns like 'Generation Wealth' and even acquired Big Machine Rock in Q2 2025, expanding its reach into the music industry.
• Core Business Strength: Despite the investment drag on operating income, core activities are strong; Q3 2025 stock borrow/stock loan revenue jumped 73.7% to $10.0 million.

The firm is actively building a platform that bridges traditional finance with next-generation technology and media. It's a high-stakes, high-investment strategy that you should track closely. For a deeper dive into the company's guiding principles, you can check out Mission Statement, Vision, & Core Values of Siebert Financial Corp. (SIEB).

Siebert Financial Corp. (SIEB) Ownership Structure

Siebert Financial Corp.'s ownership structure is defintely unique in the financial services sector, being heavily controlled by insiders, which gives the leadership a powerful mandate to execute long-term strategy without significant external pressure from institutional investors.

This high insider ownership means the company's direction is primarily steered by the Gebbia family and affiliated parties, a key factor for any investor to consider when evaluating the firm's governance and strategic Breaking Down Siebert Financial Corp. (SIEB) Financial Health: Key Insights for Investors.

Given Company's Current Status

Siebert Financial Corp. is a publicly traded company, listed on the Nasdaq Capital Market under the ticker symbol SIEB. This status requires it to adhere to U.S. Securities and Exchange Commission (SEC) reporting and transparency requirements, but its governance is heavily influenced by a concentrated ownership base. The company's market capitalization was approximately $115.6 million as of late October 2025.

The firm recently ratified the appointment of Crowe LLP as its independent registered public accounting firm for the fiscal year 2025, a routine but important step that signals continuity in financial oversight.

Given Company's Ownership Breakdown

As of late 2025, the ownership structure of Siebert Financial Corp. is dominated by insiders, creating a tight control block. This means management's interests are closely aligned with those of the majority shareholders, but it also limits the influence of the broader public float (the shares available for trading).

Here's the quick math based on recent SEC filings: Insiders and affiliated parties control well over half the company, so they effectively control all shareholder votes.

Given Company's Leadership

The company's strategic direction is steered by a board and executive team with deep ties to the controlling ownership, ensuring a unified vision. The Board of Directors was re-elected at the Annual Meeting of Shareholders on November 18, 2025, maintaining the current governance structure.

• John J. Gebbia: Serves as the Chairman and Chief Executive Officer (CEO), providing combined leadership to the board and management.
• Andrew Reich: Holds the position of Chief Financial Officer (CFO), managing the company's financial strategy and reporting.
• Gloria E. Gebbia: A key director and major insider shareholder, she exerts significant influence over company decisions.
• Fredrick Scuteri: Appointed as Chief Operating Officer (COO) of Muriel Siebert & Co., LLC in May 2025, focusing on day-to-day operations and platform modernization.
• Daniel M. Ondeck: Appointed Head of Institutional Sales in October 2025, indicating a strategic focus on expanding institutional client coverage.

The leadership team is focused on leveraging technology, with a recent shelf registration filed to raise up to $100,000,000 for investments in areas like digital assets and AI-powered solutions.

Siebert Financial Corp. (SIEB) Mission and Values

Siebert Financial Corp. (SIEB) is driven by a dual-mandate mission: delivering value to shareholders while empowering clients with the tools and expertise to achieve their financial goals. This purpose is grounded in the pioneering spirit of its founder, Muriel Siebert, a commitment to client-first principles, and a clear strategic focus on next-generation technology like artificial intelligence (AI) and digital assets.

For a deeper dive into the firm's shareholder base and market dynamics, you should read Exploring Siebert Financial Corp. (SIEB) Investor Profile: Who's Buying and Why?

Siebert Financial Corp.'s Core Purpose

At its heart, Siebert's culture is built on the foundational principles of its founder, the first woman to own a seat on the New York Stock Exchange (NYSE). This heritage translates into a core purpose centered on client advocacy and disciplined growth.

The company's operating philosophy emphasizes conservative business policies and prioritizing the safety and security of client assets. This is a defintely critical point for a brokerage, especially in volatile markets.

Core values that guide their daily operations include:

• Integrity: Fostering long-term relationships built on trust.
• Client Focus: Providing an unparalleled client experience.
• Indomitability: A fearless, pioneering spirit inherited from Muriel Siebert.
• Prudence: Operating with conservative business policies.

Official Mission Statement

The formal mission statement focuses on a clear, three-part value proposition for its stakeholders, using a growth-oriented strategy to navigate the financial services landscape.

• Add value for shareholders, clients, and strategic partners.
• Pursue growth strategies that capitalize on evolving opportunities.
• Build a company that values clients, shareholders, and employees.

In practice, this means balancing shareholder returns-like the 19% revenue increase to $26.8 million in the third quarter of fiscal year 2025-with the commitment to client empowerment.

Vision Statement

While not a single, static statement, the company's near-term strategic actions define its vision: to be a technology-forward, diversified financial services provider that seamlessly integrates traditional brokerage with next-generation assets and AI. They are actively building this future right now.

The vision is being executed through key strategic initiatives:

• Technology Scaling: Creating capital access to invest in AI-powered solutions and other next-generation technologies.
• Digital Assets: Pursuing the purchase of digital assets, including Bitcoin, Ethereum, and Solana, to enhance client experience.
• New Verticals: Expanding into new customer segments, such as the recent launch of Siebert.Pro for active, self-directed traders.
• Strategic Capital: Utilizing the effective shelf registration to potentially raise up to $100,000,000 for acquisitions and technology investment.

Siebert Financial Corp. Tagline

Siebert Financial Corp. uses a few phrases that capture its forward-looking and client-centric identity. The most prominent on their investor materials is a simple, action-oriented phrase.

• always moving forward.

They also use a more aspirational, client-facing tagline to communicate their ultimate goal for every investor: Financial Freedom for Everyone.

Siebert Financial Corp. (SIEB) How It Works

Siebert Financial Corp. (SIEB) operates as a diversified financial services firm, primarily generating revenue by facilitating securities transactions for retail and institutional clients and expanding into high-growth areas like digital asset research and media. The company makes money through commissions, advisory fees, principal transactions, and the significant revenue stream from stock borrow/stock loan activities, which generated $10.0 million in the third quarter of 2025 alone.

Siebert Financial Corp.'s Product/Service Portfolio

Siebert Financial Corp.'s Operational Framework

The company's operational framework centers on a hybrid model: combining a reliable, established brokerage infrastructure with strategic investments in new, high-growth business lines to diversify revenue. This quarter reflects disciplined growth, but also the cost of expansion.

Siebert Financial Corp. maintains its core brokerage operations by renewing its clearing relationship with National Financial Services (NFS), a Fidelity Global Brokerage Group subsidiary, for an additional five years. This decades-long partnership ensures reliable trade execution and settlement, which is foundational to the business.

The firm is actively investing in new verticals, which explains why operating income decreased 54.8% to $2.2 million in Q3 2025 compared to the prior-year quarter. Here's the quick math: they are trading near-term margin for long-term scale and recurring revenue.

• Technology Integration: Invested $2.0 million in FusionIQ, a cloud-native digital wealth management platform, to modernize and scale their digital offerings.
• New Business Diversification: Strategic expansion into investment banking and the launch of Siebert.Pro for active traders.
• Media & Outreach: Utilizing Gebbia Media LLC, a subsidiary, to launch targeted content like the Generation Wealth campaign to engage younger, defintely digital-native investors.

If you want to understand the capital structure behind these moves, you should be Exploring Siebert Financial Corp. (SIEB) Investor Profile: Who's Buying and Why?

Siebert Financial Corp.'s Strategic Advantages

Siebert Financial Corp.'s market success is built on a few clear, non-replicable advantages that blend legacy and forward-looking strategy.

• Legacy and Trust: The company's long-standing history, dating back to Muriel Siebert becoming the first woman to own a seat on the NYSE in 1967, provides a powerful brand narrative of trust and pioneering spirit in a competitive industry.
• Institutional Backbone: The renewed, multi-decade clearing relationship with National Financial Services (NFS) provides a stable, high-reliability operational foundation that smaller competitors struggle to match.
• Diversified Revenue Streams: Unlike many brokerages reliant solely on commissions, Siebert has successfully grown non-commission-based revenue, notably the massive 73.7% growth in stock borrow/stock loan revenue in Q3 2025.
• High-Touch Service Model: With Siebert.Pro, they are targeting sophisticated traders who demand dedicated, expert relationship managers-a clear differentiator from the purely automated, low-cost platforms.

Siebert Financial Corp. (SIEB) How It Makes Money

Siebert Financial Corp. generates the bulk of its revenue by acting as a diversified financial services firm, primarily earning fees from securities lending, executing principal transactions, and collecting interest income on client assets and margin loans. The business model is a mix of traditional brokerage services and newer, high-growth fee-adjacent activities like investment banking and media ventures, which are currently driving up operating expenses but are intended to diversify long-term revenue.

Siebert Financial Corp.'s Revenue Breakdown

Looking at the third quarter of 2025 (Q3 2025), Siebert Financial Corp. reported total revenue of $26.8 million, a 19% increase year-over-year, which shows the firm is growing the top line. The composition of that revenue, however, tells you where the real growth engine is. Here's the quick math on the key streams:

This category is the residual revenue of $11.4 million, which includes traditional brokerage commissions and interest income on margin accounts and client funds.

Business Economics

The core economic fundamental for Siebert Financial Corp. is its ability to monetize client assets and trading activity, plus the strategic use of its balance sheet. You can see the shift from a pure-play brokerage to a more complex financial services firm. The massive 73.7% year-over-year increase in stock borrow/stock loan revenue to $10.0 million in Q3 2025 highlights the importance of securities lending, essentially borrowing and lending securities to facilitate short-selling and other trading strategies. This is a high-margin, market-sensitive business. The firm's renewal of its five-year clearing agreement with National Financial Services (NFS) also provides a stable operational backbone, which is defintely a plus for long-term scalability.

• Fee Diversification: New lines like investment banking and the media-focused Gebbia Media are designed to create recurring revenue streams less tied to market volatility, even if they pressure margins today.
• Strategic Investments: The company is actively investing in growth, including a $2.0 million investment in the digital wealth platform FusionIQ and launching Digital Assets Research, aiming to capture the next generation of investors and emerging markets.
• New Revenue Streams: They are already seeing small, new revenue streams, such as $362,000 generated from NIL (Name, Image, and Likeness) negotiation services for student-athletes in Q3 2025.

What this estimate hides is the inherent volatility of principal transactions, which generated $4.6 million in Q3 2025, as this revenue is dependent on market conditions and trading inventory risk.

Siebert Financial Corp.'s Financial Performance

The financial results for the first three quarters of 2025 show a company in a significant investment phase, prioritizing long-term growth over near-term profitability. For the last twelve months (TTM) ending September 30, 2025, total revenue reached $90.29 million, up 8.32% year-over-year. But, the cost of building new business lines is hitting the bottom line hard.

• Operating Income Drop: Operating income for Q3 2025 fell 54.8% to $2.2 million, down from $4.8 million in the prior-year quarter. This decline is directly attributed to higher expenses in employee compensation and benefits as the firm hires for its new investment banking, Siebert Pro, and Gebbia Media initiatives.
• Net Income Contraction: Net income for Q3 2025 was $1.6 million, a significant drop from $3.8 million in Q3 2024. This translates to diluted earnings per share (EPS) of just $0.04 for the quarter.
• Capital Allocation: The firm is using capital for strategic acquisitions, like acquiring assets from Big Machine Label Group for $441,000 to expand its music business line.

To evaluate the sustainability of this model, you need to watch for margin recovery and traction in these new ventures. If the new business lines don't start converting into higher-margin, recurring revenue soon, the current 15x expected FY25 earnings multiple looks expensive. Mission Statement, Vision, & Core Values of Siebert Financial Corp. (SIEB) provides context on the long-term strategic direction behind these investments.

Finance: Track the revenue contribution from the new investment banking and media segments in the Q4 2025 report to gauge the return on these heavy investments.

Siebert Financial Corp. (SIEB) Market Position & Future Outlook

Siebert Financial Corp. is positioning itself as a diversified, high-touch financial services firm, strategically investing its capital to expand beyond its traditional discount brokerage roots into higher-margin areas like investment banking and sophisticated active trading platforms.

The company's near-term outlook is characterized by margin pressure due to significant investment in new business lines, but this spending is crucial for capturing new, younger, and more active investor segments, which should drive revenue growth past the $90.66 million trailing 12-month revenue reported through Q3 2025. [cite: 3 in search 1]

Competitive Landscape

Siebert Financial operates in a highly fragmented market dominated by a few behemoths. To be fair, its market capitalization of approximately $115.62 million (as of October 2025) puts it squarely in the small-cap bracket, meaning it competes on niche service and legacy reputation, not scale. [cite: 11 in search 1]

Opportunities & Challenges

The firm's strategy is clear: diversify revenue away from traditional brokerage commissions by focusing on technology, niche services, and new demographics. This is a smart move, but it's expensive, which is why Q3 2025 operating income fell 54.8% to $2.2 million despite revenue growth. [cite: 4, 5 in search 1]

Industry Position

Siebert Financial is a legacy player, founded by Muriel Siebert, the first woman to own a seat on the NYSE, but its current standing is that of a nimble, aggressive small-cap trying to punch above its weight. The company's revenue growth of 8.47% over the past year lags behind the US Capital Markets industry average of 27.86%, which clearly shows the challenge of competing with the giants. [cite: 3 in search 1]

The firm has a clear focus on diversification and technology, which is the right play in a zero-commission world:

• Diversifying Revenue: Moving into investment banking and media production (Gebbia Media) to create new fee-based income streams. [cite: 4, 5 in search 1]
• Targeting Niche: The Siebert.Pro platform is a direct challenge to Interactive Brokers for the high-volume, self-directed trader, a segment often overlooked by full-service giants. [cite: 3 in search 2]
• Leveraging Partnerships: The five-year renewal of the clearing agreement with National Financial Services, a Fidelity subsidiary, provides stability and access to robust infrastructure without the massive capital expenditure of building it in-house. [cite: 5 in search 1]

For a deeper dive into the numbers, you should check out Breaking Down Siebert Financial Corp. (SIEB) Financial Health: Key Insights for Investors.