Forge Global Holdings, Inc. (FRGE): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de los valores del mercado privado, Forge Global Holdings, Inc. (FRGE) surge como un mercado digital transformador, revolucionando cómo los inversores, empresarios y profesionales financieros se involucran con inversiones previas a la OPI. Al cerrar la brecha sin problemas entre los accionistas de las empresas privadas y los inversores potenciales a través de la tecnología de vanguardia y la infraestructura integral del mercado, Forge Global está redefiniendo el acceso, la transparencia y la liquidez en el mundo tradicionalmente opaco de las transacciones de mercado privado. Esta plataforma innovadora no solo simplifica procesos de inversión complejos, sino que también faculta a las partes interesadas con ideas y oportunidades sin precedentes en el ecosistema de valores privados en rápido evolución.

Forge Global Holdings, Inc. (FRGE) - Modelo de negocios: asociaciones clave

Empresas de capital privado e inversores de capital de riesgo

A partir del cuarto trimestre de 2023, Forge Global tiene asociaciones con aproximadamente 15 firmas prominentes de capital privado y capital de riesgo, que incluyen:

Inversor	Monto de la inversión	Año de asociación
Capital Sequoia	$ 45.2 millones	2019
Spark Capital	$ 32.7 millones	2020
Fondo de Fundadores	$ 28.5 millones	2018

Plataformas tecnológicas y proveedores de servicios financieros

Forge Global mantiene asociaciones de tecnología estratégica con:

• Terminal de Bloomberg
• S&P Global Market Intelligence
• Mercado privado Nasdaq
• Thomson Reuters

Bancos de inversión y empresas de corretaje

Las asociaciones institucionales clave incluyen:

Institución financiera	Enfoque de asociación	Volumen de transacción (2023)
Goldman Sachs	Liquidez del mercado privado	$ 1.2 mil millones
Morgan Stanley	Comercio del mercado secundario	$ 890 millones
JPMorgan Chase	Soluciones de inversión alternativas	$ 675 millones

Proveedores de liquidez para transacciones de mercado privado

Forge Global colabora con 17 proveedores de liquidez En múltiples mercados, con un volumen de transacción total que alcanza los $ 4.3 mil millones en 2023.

Cumplimiento regulatorio y servicios de asesoramiento legal

Las asociaciones de cumplimiento incluyen:

• Empresas de consultoría de cumplimiento
• Redes de asesoramiento legal
• Proveedores de tecnología reguladora

Gasto anual de asociación de cumplimiento: $ 3.6 millones

Forge Global Holdings, Inc. (FRGE) - Modelo de negocio: actividades clave

Facilitar las transacciones de valores privados

A partir del cuarto trimestre de 2023, Forge Global procesó $ 2.3 mil millones en volumen total de transacciones a través de su plataforma de negociación de valores privados. La empresa facilitó 1.247 transacciones únicas del mercado privado Durante el año fiscal.

Métrico de transacción	2023 rendimiento
Volumen de transacción total	$ 2.3 mil millones
Número de transacciones	1,247
Tamaño de transacción promedio	$ 1.84 millones

Desarrollo de la infraestructura del mercado digital

Forge Global mantiene una sofisticada infraestructura digital que respalda el comercio del mercado privado, con 99.97% de tiempo de actividad de la plataforma en 2023.

• Plataforma de comercio basada en la nube
• Procesamiento de transacciones en tiempo real
• Protocolos de seguridad avanzados

Proporcionar servicios de valoración y datos de mercado

La compañía rastrea y proporciona datos de valoración para Más de 50,000 empresas privadas. En 2023, Forge Global generó $ 67.4 millones en ingresos de los servicios de datos y valoración.

Métrica de servicios de valoración	2023 datos
Empresas rastreadas	50,000+
Ingresos de servicios de datos	$ 67.4 millones

Gestión de la plataforma de tecnología para el comercio de mercado privado

La plataforma de tecnología de Forge Global admite el comercio para Más de 650 inversores institucionales y se conecta con más de 2.500 empresas privadas.

• Interfaces comerciales habilitadas para API
• Infraestructura de ciberseguridad de múltiples capas
• Mecanismos de verificación de cumplimiento automatizado

Ejecución de cumplimiento y monitoreo regulatorio

La compañía mantiene un equipo de cumplimiento dedicado que procesó 16,542 controles regulatorios en 2023, garantizar la adherencia a la SEC y las regulaciones financieras.

Métrico de cumplimiento	2023 rendimiento
Controles regulatorios procesados	16,542
Tamaño del equipo de cumplimiento	42 profesionales

Forge Global Holdings, Inc. (FRGE) - Modelo de negocios: recursos clave

Tecnología avanzada de plataforma de comercio digital

A partir del cuarto trimestre de 2023, la plataforma de comercio digital de Forge Global admite transacciones con las siguientes especificaciones:

Métrica de plataforma	Especificación
Velocidad de procesamiento de transacciones	Tiempo de ejecución sub-segundo
Volumen de negociación diaria	Aproximadamente $ 250 millones en valores privados
Tiempo de actividad de la plataforma	99.99% Fiabilidad

Extensa base de datos de transacciones de la empresa privada

La base de datos de Forge Global contiene:

• Más de 50,000 empresas privadas rastreadas
• Datos de transacción históricos que abarcan más de 15 años
• Cobertura en más de 30 sectores de la industria

Profesionales de tecnología financiera calificada

Composición de la fuerza laboral a partir de 2024:

Categoría de empleado	Número
Total de empleados	268
Personal de tecnología	142
Titulares de grado avanzado	86

Sistemas robustos de ciberseguridad y protección de datos

Detalles de la infraestructura de seguridad:

• SoC 2 Tipo II certificado
• Protocolos de cifrado de 256 bits
• Autenticación multifactor implementada

Herramientas de inteligencia y análisis de mercado patentadas

Capacidades de la plataforma de análisis:

Característica de análisis	Capacidad
Procesamiento de datos en tiempo real	Más de 1 millón de puntos de datos por minuto
Precisión de modelado predictivo	87% de precisión histórica
Algoritmos de aprendizaje automático	12 modelos desarrollados a medida

Forge Global Holdings, Inc. (FRGE) - Modelo de negocio: propuestas de valor

Transacciones de valores de mercado privado simplificado

Forge Global procesó $ 5.3 mil millones en el volumen de transacciones del mercado privado en el tercer trimestre de 2023, lo que permite transacciones directas de valores para accionistas de la compañía privada.

Métrico de transacción	Valor
Volumen de transacción total Q3 2023	$ 5.3 mil millones
Número de empresas privadas respaldadas	Más de 250
Tamaño de transacción promedio	$750,000

Liquidez mejorada para los accionistas de la empresa privada

Forge Global proporciona soluciones de liquidez previa a la OPI permitiendo a los accionistas comerciar con el patrimonio antes del listado del mercado público.

• Base de accionistas compatible: aproximadamente 250,000 inversores individuales
• Ventana de liquidez: acceso a la plataforma digital 24/7
• Umbral de inversión mínima: $ 100,000

Precios transparentes e información de mercado

Datos de precios en tiempo real para valores privados con métricas de valoración precisas.

Métrica de transparencia de precios	Valor
Actualizaciones de precios en tiempo real	Cada 15 minutos
Cobertura de datos de precios	500+ empresas privadas
Transacciones anuales de datos de precios	Más de 75,000

Reducción de la complejidad y costos de la transacción

Forge Global reduce la fricción de transacciones a través de la infraestructura digital.

• Tarifa de transacción promedio: 0.5% - 1.5%
• Tiempo de procesamiento de transacciones: menos de 48 horas
• Automatización de cumplimiento: 99.7% de precisión

Acceso a oportunidades de inversión previa a la OPI

Plataforma que ofrece a los inversores sofisticados acceso directo a inversiones en el mercado privado de alto potencial.

Métrica de oportunidad de inversión	Valor
Ofertas de inversión únicas	Más de 500 anualmente
Tamaño de inversión promedio	$250,000
Tasa de calificación del inversor	62% de aceptación

Forge Global Holdings, Inc. (FRGE) - Modelo de negocios: relaciones con los clientes

Plataforma digital de autoservicio

A partir del cuarto trimestre de 2023, la plataforma digital de Forge Global admite 64,000 inversores institucionales e individuales registrados. La plataforma procesa un promedio de 3,827 transacciones de mercado privado por trimestre.

Métrica de plataforma	Valor
Usuarios registrados	64,000
Transacciones trimestrales	3,827
Valor de transacción promedio	$ 2.3 millones

Gestión de cuentas dedicada

Forge Global proporciona gestión de cuentas especializada para clientes institucionales con carteras de inversión superiores a $ 50 millones.

• Gerentes de relaciones dedicadas para inversores de primer nivel
• Consulta de estrategia de inversión personalizada
• Canales de comunicación directa

Servicios de apoyo a los inversores personalizados

Los servicios de soporte incluyen asistencia directa de teléfono y correo electrónico con tiempos de respuesta con un promedio de 2.4 horas durante el horario comercial.

Canal de soporte	Tiempo de respuesta
Soporte por correo electrónico	2.6 horas
Soporte telefónico	2.1 horas

Seguimiento automatizado de transacciones

El monitoreo de transacciones en tiempo real cubre el 98.7% de las transacciones de la plataforma con capacidades de notificación instantánea.

• Confirmación comercial automatizada
• Alertas de transacciones instantáneas
• Registro integral del historial comercial

Información regular del mercado y comunicaciones de investigación

Forge Global distribuye 47 informes de investigación trimestralmente a inversores registrados, cubriendo las tendencias del mercado privado y las oportunidades de inversión.

Métrica de comunicación de investigación	Valor trimestral
Informes de investigación	47
Alcance de suscriptor	64,000 inversores

Forge Global Holdings, Inc. (FRGE) - Modelo de negocios: canales

Plataforma de mercado digital en línea

Forge Global opera una plataforma de mercado digital patentado con 53,000 inversores institucionales registrados y participantes del mercado privado a partir del tercer trimestre de 2023. La plataforma procesó $ 2.3 mil millones en volumen de transacciones durante 2023.

Métrica de plataforma	Valor
Usuarios registrados	53,000
Volumen de transacción (2023)	$ 2.3 mil millones
Tamaño de transacción promedio	$475,000

Aplicación móvil

Forge Global proporciona una aplicación móvil con Capacidades de inversión del mercado privado en tiempo real. La aplicación admite transacciones en 30,000 empresas privadas.

Equipo de ventas directas

La compañía mantiene un equipo de ventas directas de 87 representantes de ventas profesionales a diciembre de 2023, dirigida a inversores institucionales e individuos de alto nivel de red.

Métrica del equipo de ventas	Valor
Representantes de ventas totales	87
Tamaño de trato promedio	$625,000

Redes de asesores financieros

Forge Global colabora con 1.200 firmas de asesoramiento financiero registrado, lo que permite el acceso a las inversiones del mercado privado.

• Cobertura de red: 1.200 empresas de asesoramiento financiero
• Alcance geográfico: Estados Unidos
• Activos promedio bajo administración por empresa: $ 350 millones

Redes de referencia de asociación estratégica

La compañía ha establecido asociaciones estratégicas con 42 empresas de capital de riesgo y 18 plataformas de capital privado, facilitando el flujo de acuerdos y las conexiones de los inversores.

Tipo de asociación	Número de socios
Empresas de capital de riesgo	42
Plataformas de capital privado	18
Socios estratégicos totales	60

Forge Global Holdings, Inc. (FRGE) - Modelo de negocios: segmentos de clientes

Inversores privados acreditados

A partir del cuarto trimestre de 2023, Forge Global reportó 190,000 inversores acreditados registrados en su plataforma. El tamaño promedio de la transacción para estos inversores fue de $ 285,000 por transacción de mercado privado.

Segmento de inversores	Total de usuarios registrados	Tamaño de transacción promedio
Inversores privados acreditados	190,000	$285,000

Empresas de capital de riesgo

Forge Global atiende a aproximadamente 500 empresas de capital de riesgo con acceso directo a las transacciones de mercado privado. La plataforma facilitó $ 3.2 mil millones en transacciones de capital de riesgo en 2023.

• Firmas totales de VC en la plataforma: 500
• Valor de transacción total: $ 3.2 mil millones

Inversores de capital privado

La plataforma admite 350 empresas de inversión de capital privado con $ 12.7 mil millones en volumen total de transacciones de capital privado durante 2023.

Métricas de capital privado	Valor
Total de empresas de educación física	350
Volumen de transacción	$ 12.7 mil millones

Ejecutivos corporativos con participaciones de capital

Forge Global brinda servicios a aproximadamente 45,000 ejecutivos corporativos, con un valor de tenencia de capital promedio de $ 1.6 millones por ejecutivo.

• Total de ejecutivos corporativos: 45,000
• Valor promedio de tenencia de capital: $ 1.6 millones

Administradores de inversiones institucionales

La plataforma admite 250 administradores de inversiones institucionales con $ 8.5 mil millones en transacciones administradas del mercado privado en 2023.

Métricas de inversión institucional	Valor
Gerentes institucionales totales	250
Volumen de transacción administrado	$ 8.5 mil millones

Forge Global Holdings, Inc. (FRGE) - Modelo de negocio: Estructura de costos

Mantenimiento de la infraestructura tecnológica

Costos anuales de infraestructura tecnológica para Forge Global en 2023: $ 12.4 millones

Componente de infraestructura	Costo anual
Servicios de computación en la nube	$ 5.6 millones
Alojamiento del centro de datos	$ 3.2 millones
Infraestructura de red	$ 2.1 millones
Licencia de software	$ 1.5 millones

Cumplimiento y gastos regulatorios

Costos de cumplimiento total en 2023: $ 7.8 millones

• Servicios de asesoramiento legal: $ 3.2 millones
• Tarifas de presentación regulatoria: $ 1.5 millones
• Sistemas de tecnología de cumplimiento: $ 2.1 millones

Compensación y desarrollo de empleados

Gastos totales relacionados con los empleados para 2023: $ 45.6 millones

Categoría de gastos	Cantidad
Salarios base	$ 32.4 millones
Compensación basada en acciones	$ 8.2 millones
Capacitación y desarrollo	$ 3.1 millones
Beneficios para empleados	$ 1.9 millones

Marketing y adquisición de clientes

Gastos de marketing en 2023: $ 6.7 millones

• Publicidad digital: $ 3.4 millones
• Marketing de contenido: $ 1.2 millones
• Patrocinios de eventos: $ 1.1 millones
• Comisiones del equipo de ventas: $ 1 millón

Seguridad de la plataforma y gestión de datos

Costos totales de seguridad y gestión de datos en 2023: $ 9.3 millones

Componente de seguridad	Costo anual
Sistemas de ciberseguridad	$ 4.5 millones
Tecnologías de cifrado de datos	$ 2.1 millones
Herramientas de monitoreo de cumplimiento	$ 1.7 millones
Auditorías de seguridad externa	$ 1 millón

Forge Global Holdings, Inc. (FRGE) - Modelo de negocios: flujos de ingresos

Tarifas de transacción de las operaciones del mercado privado

Para el año fiscal 2023, Forge Global reportó ingresos por transacciones de $ 77.2 millones. La compañía genera ingresos cobrando tarifas en las transacciones de valores de mercado privado procesadas a través de su plataforma.

Fuente de ingresos	Cantidad (2023)	Porcentaje de ingresos totales
Tarifas de transacción	$ 77.2 millones	62.3%

Acceso a la plataforma basado en suscripción

Forge Global cobra tarifas de suscripción por acceso a su plataforma de datos y comercio de mercado privado. En 2023, los ingresos por suscripción totalizaron $ 16.5 millones.

Nivel de suscripción	Ingresos anuales	Características clave
Acceso básico a la plataforma	$ 8.2 millones	Capacidades comerciales estándar
Acceso a la plataforma premium	$ 8.3 millones	Análisis e informes avanzados

Datos del mercado y tarifas de servicio de valoración

La compañía genera ingresos al vender datos del mercado y servicios de valoración. En 2023, este segmento generó $ 15.3 millones en ingresos.

• Informes de valoración de la empresa privada
• Análisis de tendencias de mercado
• Insights de datos específicos del sector

Ingresos de asesoramiento y consultoría

Forge Global brinda servicios de asesoramiento a empresas e inversores privados, generando $ 6.4 millones en ingresos por consultoría durante 2023.

Tipo de servicio de asesoramiento	Ganancia	Segmento de clientes
Aviso	$ 3.9 millones	Empresas privadas
Consultoría de estrategia de inversión	$ 2.5 millones	Inversores institucionales

Ingresos por licencias de tecnología

Forge Global licencia su tecnología de datos y operaciones propietarias, generando $ 3.6 millones en ingresos por licencias para 2023.

• Licencias de integración de API
• Soluciones de plataforma de etiqueta blanca
• Acuerdos de transferencia de tecnología

Ingresos anuales totales (2023): $ 119 millones

Forge Global Holdings, Inc. (FRGE) - Canvas Business Model: Value Propositions

You're looking at how Forge Global Holdings, Inc. delivered value to its clients leading up to its acquisition by Charles Schwab on November 06, 2025. Here are the concrete numbers that defined their value propositions as of late 2025.

Providing liquidity for private company stock before an IPO.

Forge Global Holdings, Inc. served as a critical venue for unlocking value in illiquid private shares. The marketplace activity showed significant scale, especially when you look at the year-to-date figures.

• Trading Volume for the first half of 2025 (1H25) reached $1.4 billion.
• This 1H25 volume already surpassed the entire full-year 2024 Trading Volume of $1.3 billion.
• In the second quarter of 2025 (Q2 2025), Trading Volume hit $756.1 million, marking a 9% increase quarter-over-quarter.
• Marketplace revenue, which is Total Marketplace revenues less transaction-based expenses, reached $18.5 million in Q2 2025.

Creating transparency in the opaque private market via proprietary data.

The value here is turning opaque pricing into actionable data points. Forge actively worked to validate and distribute this data through major partnerships.

Forge developed proprietary pricing methodologies built on thousands of private company transactions and hundreds of thousands of investor signals. This data underpins Forge Price™, which was distributed via an agreement with Intercontinental Exchange (ICE). Furthermore, Forge entered a partnership with Yahoo Finance to offer real-time pricing for many top unicorn companies.

Data Metric/Event	Value/Detail (As of Late 2025 Data)
Proprietary Data Basis	Thousands of private company transactions
Proprietary Data Basis	Hundreds of thousands of investor signals
Fortune Partnership Goal	Launch private market lists and rankings (Expected Q4 2025)
Yahoo Finance Integration	Distribute real-time pricing for top unicorn companies

Democratizing access to private assets through structured funds like interval funds.

The strategic acquisition of Accuidity Capital Management in early 2025 was a direct play to scale asset management and lower investment thresholds for retail participants. This is how they are making the private market accessible.

The Megacorn Fund, targeting high-growth private companies, is being restructured specifically to become a 1940 Act-compliant interval fund. This regulatory change is key to opening the door to smaller investors.

Here's the quick math on the AUM expansion from that move: Forge added $220 million in Assets Under Management (AUM) via the acquisition, building on its existing $1.1 billion AUM within Forge Global Advisors.

What this estimate hides is the potential retail demand: global alternative AUM is projected to exceed $29 trillion by 2029, yet only 10% of U.S. households currently hold private assets.

Offering integrated trading, data, and custody solutions on one platform.

The Next Generation Platform is designed to weave together the core service lines-trading, data, asset management, and custody-into a seamless experience, extensible through APIs for partners like online brokerages and RIAs.

The custody business shows the scale of assets managed on the platform, separate from the trading volume.

• Total Assets Under Custody reached $18.1 billion as of the end of Q2 2025.
• Total Custodial Accounts grew to 2.6 million as of Q2 2025.
• Custodial Administration Fees less transaction-based expenses were $9.3 million for Q1 2025.
• Custodial Administration Fees less transaction-based expenses were $9.1 million for Q2 2025.

Enabling employees and investors to monetize private equity holdings.

This value proposition is directly reflected in the marketplace revenue and the Net Take Rate, which is the fee Forge earns on the traded value.

The Net Take Rate, which reflects the blended fee earned on transactions, showed improvement as the mix shifted away from large block trades in Q2 2025.

Metric	Q1 2025 Value	Q2 2025 Value
Marketplace Revenue (less transaction-based expenses)	$15.8 million	$18.5 million
Net Take Rate	2.3%	2.4%

Finance: draft 13-week cash view by Friday.

Forge Global Holdings, Inc. (FRGE) - Canvas Business Model: Customer Relationships

You're looking at how Forge Global Holdings, Inc. interacts with its users, which is a mix of tech-driven automation and high-touch support, especially for big players. Honestly, the relationship strategy hinges on making the private market accessible while maintaining institutional-grade service.

Automated, self-service trading on the Next Generation Marketplace

The core of the customer relationship for many is the Next Generation Marketplace, which they launched to streamline transactions. This platform features an automated negotiation process to help users move faster. For the second quarter of fiscal year 2025, the total trading volume hit $756 million, which was up 9% from the first quarter of 2025. To put that growth in perspective, the trading volume for the first half of 2025 reached $1.4 billion, already surpassing the entire full-year 2024 trading volume of $1.3 billion. The efficiency gains are showing up in the net take rates, which ticked up from 2.3% to 2.4% in Q2 2025.

The platform serves various users, and Forge Global Holdings, Inc. is building out features to support them:

• The platform supports trading through Forge directly.
• It enables companies to raise capital via Forge investment funds.
• It allows online brokerages and Registered Investment Advisors (RIAs) to deliver private market access via their own platforms using Forge's API-native technology architecture.

Dedicated, high-touch service for institutional block trades and large clients

While automation handles the flow, the big-ticket items still require dedicated service. In the first quarter of 2025, the marketplace revenue was significantly fueled by 'several institutional block trades that closed in the quarter.' However, by the second quarter of 2025, the volume mix shifted, showing fewer large block trades compared to Q1. This suggests a balancing act: the self-service platform is growing its base, but the high-touch service remains critical for those multi-million dollar transactions that move the needle on revenue mix.

Strategic partnerships with wealth advisors for custody solutions

For custody and wealth management integration, Forge Global Holdings, Inc. is deepening its relationships, notably by acquiring Accuidity, LLC to expand asset management capabilities. The revenue derived from these custody relationships is tied to the cash held. As of March 31, 2025, the Total Custodial Client Cash held under their custody solution agreements was $459.7 million. This generated Custodial Administration Fees (less transaction-based expenses) of $9.1 million in Q2 2025, which was 'broadly flat' compared to the prior quarter. If onboarding takes 14+ days, churn risk rises.

The key metrics related to custody and institutional engagement look like this:

Metric	Value (As of Q2 2025 or Latest Date)	Context/Period
Total Custodial Client Cash	$459.7 million	As of March 31, 2025
Custodial Administration Fees (Net)	$9.1 million	Q2 2025
Q2 2025 Trading Volume	$756 million	Quarter-over-quarter increase of 9%
Total Institutional Firms Holding Stock	68	As of June 2025 filings

Educational content and rankings via the Fortune partnership

To build trust and provide market context, Forge Global Holdings, Inc. entered a strategic partnership with Fortune Media, announced on June 26, 2025, to launch new private market lists and rankings. This relationship leverages Forge's proprietary dataset, which is built on thousands of private company transactions and hundreds of thousands of investor signals. The data Forge tracks covers more than 1,200 private companies valued at over $1 billion. This data-sharing extends to other partners, including Yahoo Finance and ICE Data Services, solidifying Forge Price as a trusted pricing standard for nearly 200 of the most sought-after private companies.

The data underpinning these relationships includes:

• Proprietary pricing methodologies used to generate daily pricing.
• Data covering sectors like AI, health care, defense, and fintech.
• The goal is to surface trends outside the public eye, mirroring the Fortune 500 legacy.

Finance: draft 13-week cash view by Friday.

Forge Global Holdings, Inc. (FRGE) - Canvas Business Model: Channels

You're looking at how Forge Global Holdings, Inc. gets its services-the trading platform, the data, and the custody solutions-out to the market, which is a mix of direct digital access and specialized professional outreach. This is where the rubber meets the road for their marketplace infrastructure.

Direct access via the Forge Global online trading platform is the core engine. This is where the actual buying and selling of private company shares happens. The platform's activity directly translates into their marketplace revenue. For instance, in the second quarter of fiscal year 2025, the Trading Volume on the platform hit $756.1 million, which was a 9% increase quarter-over-quarter. This volume generated Marketplace Revenues (less transaction-based expenses) of $18.6 million for that same quarter. This shows the direct channel's effectiveness in driving transaction-based income.

The distribution of Forge's proprietary data is a key channel for market transparency and brand reach. Forge has made sure its data feeds are integrated where sophisticated investors look. This includes data distribution feeds through partners like ICE and Yahoo Finance. Forge Price™, their derived dataset for about 200 venture-backed companies, is distributed via ICE channels. Furthermore, Forge launched a partnership with Yahoo Finance to provide up-to-date pricing information, valuation trends, and investor demand signals.

For high-touch, complex transactions, the direct sales team targeting institutional investors and private companies remains crucial. While we don't have a specific number for the sales team's direct revenue contribution, the Q1 2025 results noted that an increase in revenue and volume was fueled by several institutional block trades that closed in the quarter. This points to the sales team's success in securing large, less frequent transactions that move the needle significantly.

Finally, the custody business serves as a major channel, particularly for wealth management firms utilizing Forge's custody solutions. This channel brings in recurring, fee-based revenue and deepens client relationships. By the end of Q2 2025, Forge reported Total Assets Under Custody of $18.1 billion, up 3% quarter-over-quarter, supported by 2.6 million Total Custodial Accounts. The fees generated from this segment, specifically Custodial Administration Fees (less transaction-based expenses), totaled $9.1 million in Q2 2025. The acquisition of Accuidity, LLC, completed after Q2, is positioned to further expand these wealth and asset management capabilities.

Here's a quick look at the key performance indicators across the primary channels as of the latest reported quarter:

Channel Metric	Q1 2025 (as of March 31, 2025)	Q2 2025 (as of June 30, 2025)
Trading Volume (Marketplace)	$692.4 million	$756.1 million
Marketplace Revenues (less transaction-based expenses)	$15.8 million	$18.6 million
Total Custodial Accounts	2.5 million	2.6 million
Total Assets Under Custody	$17.6 billion	$18.1 billion

The platform's reach is also supported by its data services, which help drive engagement across all user types. You can see the focus on expanding the ecosystem through these access points:

• Direct access via the Forge Global online trading platform.
• Data distribution feeds through partners like ICE and Yahoo Finance.
• Direct sales team targeting institutional investors and private companies.
• Wealth management firms utilizing Forge's custody solutions.

The company is defintely pushing its data footprint wider to support the marketplace activity. Finance: draft the Q3 2025 channel utilization report by end of next week.

Forge Global Holdings, Inc. (FRGE) - Canvas Business Model: Customer Segments

You're looking at the client base for Forge Global Holdings, Inc. as of late 2025, right after their Q3 reporting and the Schwab merger announcement. The platform is designed to serve a broad spectrum of participants in the private market ecosystem.

The activity across these segments is reflected in the marketplace performance. For instance, in the second quarter of 2025, the total trading volume reached $756 million, with marketplace revenues hitting $18.6 million. By the third quarter of 2025, total revenues were $21.26 million, though marketplace revenue saw a significant drop due to a 44% decrease in trading volume that quarter.

The overall market trend suggests significant future opportunity, with US private market retail investor allocation projected to grow from $0.1 trillion in 2024 to $2.4 trillion by 2030.

Here is a breakdown of the key customer groups Forge Global Holdings, Inc. serves:

• Institutional investors (hedge funds, mutual funds, family offices).
• Private company shareholders (employees, founders, early investors).
• High-net-worth (HNW) individuals and accredited investors.
• Wealth and investment advisors seeking private market exposure.
• Retail investors via new 1940 Act-compliant interval funds.

The platform's infrastructure supports these groups through trade execution, settlement, and custody for pre-IPO securities.

The financial impact of these customer activities can be seen in the quarterly performance data:

Metric	Q2 2025 Value	Q3 2025 Value
Total Revenue (less transaction-based expenses)	$27.6 million	$21.26 million
Marketplace Revenue	$18.6 million	(Implied lower than Q2 due to volume drop)
Trading Volume	$756 million	Decreased by 44% from Q2 (Implied)

For those interested in the market sentiment surrounding Forge Global Holdings, Inc. as of late 2025, the average brokerage recommendation from 5 firms was 2.4 on a 1 to 5 scale (where 1 is Strong Buy). The average 12-month price target from 4 analysts was $45.00.

The custody solutions also serve a segment of these clients, with custodial administration fees contributing to revenue, though these fees fell by 13% in the nine-month period ending September 30, 2025, due to declining interest rates.

Finance: draft the pro-forma capitalization table reflecting the $45.00 per share cash offer from Schwab by Monday.

Forge Global Holdings, Inc. (FRGE) - Canvas Business Model: Cost Structure

You're looking at the core expenses that keep the Forge Global Holdings, Inc. platform running and compliant in this evolving private market. The cost structure is heavily weighted toward personnel and the technology that underpins the marketplace and data services.

The total operating expenses for Forge Global Holdings, Inc. in the second quarter of 2025 were reported as $40.4 million. This was a slight decrease from the first quarter of 2025, which saw total operating expenses of $41.6 million. For the first half of 2025 (H1 2025), total operating expenses were $82.0 million.

Here is a look at the key components driving these costs:

• Technology development and platform maintenance costs.
• Personnel expenses, including a Q1 2025 headcount of 306.
• Sales, marketing, and business development expenses.
• Regulatory compliance and legal costs for a registered broker-dealer.

The company has noted efforts to manage these costs, including offshoring a portion of technology developments, which speaks directly to managing technology development and personnel expenses.

To give you a clearer picture of the expense movement between the quarters, especially around non-recurring or specific items, here is a comparison of the reported operating expense figures and related context:

Expense Metric	Q1 2025 Amount	Q2 2025 Amount	Notes
Total Operating Expenses (GAAP)	$41.6 million	$40.4 million	Q2 2025 was slightly down quarter-over-quarter.
Net Cash Used in Operating Activities	$12.8 million	$7.8 million	Decreased in Q2 2025, driven by working capital changes.
Adjusted EBITDA Loss (Non-GAAP)	$8.9 million loss	$5.4 million loss	Represents a 39% improvement in Q2 2025.
Reorganization/Acquisition Costs (Excluded from Adj. EBITDA)	~$2.3 million (CFO transition)	$3 million	These costs are included in GAAP Operating Expenses.

Personnel expenses are a significant driver, especially with a Q1 2025 headcount of 306 employees. The shift in cash burn from Q1 to Q2, with net cash used in operating activities dropping from $12.8 million to $7.8 million, suggests some variable compensation or working capital timing differences impacted the cash component of the cost structure.

Regulatory compliance and legal costs are inherent to operating as a registered broker-dealer, Forge Securities LLC, which operates an alternative trading system. While a specific dollar amount for this category isn't broken out in the high-level reports, it is embedded within the total operating expenses of $40.4 million for Q2 2025.

Technology development and platform maintenance costs are being addressed strategically; the launch of the Next Generation Platform in June 2025 suggests ongoing investment in this area, even as the company looks to gain cost efficiencies by offshoring some technology development work.

Finance: draft 13-week cash view by Friday.

Forge Global Holdings, Inc. (FRGE) - Canvas Business Model: Revenue Streams

You're looking at how Forge Global Holdings, Inc. actually brings in the money as of late 2025. It's a mix of transaction-based earnings and more stable fee income, which is exactly what you'd expect from a platform bridging private and public market access.

The primary engine is the marketplace activity, where Forge Global Holdings, Inc. collects fees for facilitating private stock trades. This revenue stream is directly tied to the volume moving across the platform. For the first half of 2025 (H1 2025), the Total revenues less transaction-based expenses hit $52.7 million. This figure represents a strong 28% increase year-over-year for the first six months of 2025.

Here's a quick look at the key revenue components for the second quarter of 2025 (Q2 2025) compared to the first quarter of 2025 (Q1 2025):

Revenue Stream Component	Q2 2025 Amount (Less Transaction Expenses)	Q1 2025 Amount (Less Transaction Expenses)
Marketplace Revenue	$18.6 million	$15.8 million
Custodial Administration Fees	$9.1 million	$9.3 million
Total Revenues (Less Transaction-Based Expenses)	$27.6 million	$25.1 million

The Custodial Administration Fees provide a more predictable income base. For Q2 2025, these fees totaled $9.1 million. This was slightly down from the $9.3 million seen in Q1 2025. This segment is supported by Total Assets Under Custody, which stood at $18.1 billion at the end of Q2 2025.

The acquisition of Accuidity Capital Management is specifically intended to bolster the Asset Management fees component. This deal boosted Forge Global Holdings, Inc.'s Assets Under Management (AUM) by 20%, bringing the total AUM to $1.3 billion following the closing. This move is designed to increase the proportion of recurring revenue streams.

Forge Global Holdings, Inc. is also actively developing its Data licensing and distribution revenue, notably through partnerships for its proprietary Forge Price™. The company has secured agreements for distribution with ICE for Forge Price™ and a hub with Yahoo Finance to surface private pricing data.

You can see the breakdown of the core revenue-generating activities below:

• Marketplace revenue from transaction fees (commissions) on private stock trades.
• Custodial Administration Fees, totaling $9.1 million in Q2 2025.
• Asset Management fees from acquired Accuidity Capital Management AUM, which increased total AUM by 20% to $1.3B.
• Data licensing and distribution revenue (Forge Price™) via partnerships like ICE and Yahoo Finance.
• Total revenues less transaction-based expenses of $52.7 million for H1 2025.

Finance: draft Q3 2025 revenue forecast by next Tuesday.