Freedom 2025年度报告

2026 UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, DC 20549 FORM 10-K xANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF1934 For the fiscal year ended March 31, 2026 OR oTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACTOF 1934 For the transition period from ________ to _________ Commission File Number001-33034 FREEDOM HOLDING CORP. (Exact name of registrant as specified in its charter) Nevada30-0233726 (State or other jurisdiction ofincorporation or organization)(I.R.S. EmployerIdentification No.) New York, NY10005 (Address of principal executive offices)(Zip Code) Securities registered under Section 12(g) of the Act:None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. xYesoNo Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. oYesxNo Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of theSecurities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was requiredto file such reports), and (2) has been subject to such filing requirements for the past 90 days. xYesoNo Table of Contents Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to besubmitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for suchshorter period that the registrant was required to submit such files.) xYesoNo Indicate by check mark whether the registrant is a large accelerated filed, an accelerated filer, a non-accelerated filer, asmaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "acceleratedfiler," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act. Accelerated fileroSmaller reporting companyoEmerging growth companyo Large Accelerated FilerxNon-accelerated filero If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transitionperiod for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of theExchange Act.o Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of theeffectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C.7262(b)) by the registered public accounting firm that prepared or issued its audit report.x If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements ofthe registrant included in the filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis ofincentive-based compensation received by any of the registrant's executive officers during the relevant recovery periodpursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.) The aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference tothe price at which the common equity last sold as of the last business day of the registrant's most recently completed secondfiscal quarter was $3,228,266,994. As of May 28, 2026, the registrant had 61,292,581 shares of common stock, par value $0.001, outstanding. TABLE OF CONTENTS PART I PageItem 1.Business6Item 1A.Risk Factors30Item 1B.Unresolved Staff Comments62Item 1C.Cybersecurity62Item 2.Properties64Item 3.Legal Proceedings64Item 4.Mine Safety Disclosures64PART IIItem 5.Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases ofEquity Securities65Item 6.[Reserved]66Item 7.Management's Discussion and Analysis of Financial Condition and Results of Operations66Item 7A.Quantitative and Qualitative Disclosures About Market Risk93Item 8.Financial Statements and Supplementary Data98Item 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure204Item 9A.Controls and Procedures204Item 9B.Other Information204Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections204PART IIIItem 10.Directors, Executive Officers and Corporate Governance205Item 11.Executive Compensation205Item 12.Security Ownership of Certain Beneficial Owners and Management and Related StockholderMatters205Item 13.Certain Relationships and Related Transactions, and Director Independence205Item 14.Principal Accounting Fees and Services205PART IVItem 15.Exhibits, Financial Statement Schedules206Item 16.Form 10-K Summary209SIGNATURES210 FREEDOM HOLDING CORP. Except where