Forum Markets, Inc
forum-markets.comWhat Do They Do?
Provides Ethereum staking capacity through liquid-staking platforms and develops infrastructure to structure and distribute tokenized income products to investors.
10-K for FY2025, filed Apr 1, 2026
How Do They Make Money?
The company earns ETH staking rewards by delegating ETH to validator operators and liquid-staking platforms; liquid staking also earns incentive tokens, with rewards accruing daily.
10-K for FY2025, filed Apr 1, 2026Our staking revenues were derived from the rewards we earn by actively participating in the Ethereum network’s PoS consensus mechanism.…View ↗
The validator operator (e.g., Coinbase) is considered the customer, as it receives the Company’s staking capacity, which represents the…View ↗
The contract duration for native staking is defined by the daily reward cycle under the Company’s agreements. Native staking rewards are…View ↗
The protocol or platform (e.g., ether.fi or Puffer) is considered the customer, as it receives the Company’s staking capacity which…View ↗
The contract duration for liquid staking is based on the ability of either party to terminate the contract with 30 days’ notice without…View ↗
Liquid staking revenue includes $2.2 million of staking rewards and $3.7 million of incentive tokens earned through participation in liquid…View ↗
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10-K for FY2025, filed Apr 1, 2026
FY2025 revenue by product or service ↗
$6.5M
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10-K for FY2025, filed Apr 1, 2026
$6.5M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Native staking revenue
Recurring
|
7.0% |
Native staking revenue, FY2025
$455K Sources
|
Recurring |
|
Liquid staking revenue
Recurring
10-K for FY2025, filed Apr 1, 2026 |
91% |
Liquid staking revenue, FY2025
$6M Sources
|
Recurring |
|
Reward revenue
|
2.2% |
Reward revenue, FY2025
$141K Sources
|
Who Are Their Customers?
Validator operators and liquid-staking platforms receive the company’s staking capacity; tokenized income products are expected to reach investors primarily through Liquidity.io.
10-K for FY2025, filed Apr 1, 2026The validator operator (e.g., Coinbase) is considered the customer, as it receives the Company’s staking capacity, which represents the…View ↗
The protocol or platform (e.g., ether.fi or Puffer) is considered the customer, as it receives the Company’s staking capacity which…View ↗
In the third quarter of 2025, we began building an RWA tokenization business. As part of our RWA tokenization strategy, we intend to…View ↗
Do Revenues Turn Into Profits?
No. It lost $450.5M in FY2025.
How Are They Changing?
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May 14, 2026
Reduced its 2026 revenue outlook
The company lowered its expected 2026 revenue range to $18 million to $22 million from $18 million to $26 million.
Sources
8-K, filed May 14, 2026
The Company anticipates total revenue to be in the range of $18 million to $22 million. This compares to prior guidance of $18 million to…View ↗
From drug development to staking and tokenization
The business shifted from developing therapeutics for chronic pain, inflammation and fibrosis to managing Ethereum for staking returns and building tokenized real-world asset products.
10-K for FY2022, filed Mar 31, 2023 10-K for FY2025, filed Apr 1, 2026We are a clinical stage biotechnology company headquartered in Palo Alto, California, focused on the development of therapeutics for unmet…View ↗
Who Do They Compete With?
Competes with BlackRock, KKR, Apollo, and Hamilton Lane
10-K for FY2025, filed Apr 1, 2026Certain large financial institutions and asset managers have also begun to explore blockchain-based financial infrastructure initiatives.…View ↗
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