Global financial services and tech firm Freedom Holding Corp. (NASDAQ: FRHC) has caught the eye of the world’s largest asset manager. BlackRock, Inc. has increased its stake in the company to 0.85%, investing roughly $89 million—a move that cements BlackRock as Freedom Holding’s second-largest shareholder after founder and CEO Timur Turlov.

According to Bloomberg, BlackRock picked up an additional 443,965 shares in the most recent reporting period, lifting its total holdings to 520,565 shares. Other major institutional investors with positions in Freedom include State Street Corp., Grace Partners of DuPage L.P., and Geode Capital Management.

“We welcome the growing interest from global institutional investors. The presence of partners such as BlackRock confirms the resilience of our business and the strategic potential of Freedom Holding in international markets,” said Turlov in a statement.

Why It Matters

The backing of BlackRock—which manages over $12.5 trillion in assets as of 2025—is no small signal. Best known for its iShares ETFs and Aladdin risk management platform, BlackRock’s moves are often seen as a bellwether for institutional confidence in financial firms. For Freedom Holding, a brokerage and fintech hybrid with growing international ambitions, the investment could help validate its strategy in an increasingly crowded global market.

Freedom’s inclusion in the portfolios of heavyweights like State Street and Geode Capital underscores a broader institutional appetite for fintech-enabled brokerages, especially those expanding beyond their home markets. While 0.85% may sound modest, the endorsement effect could prove more valuable than the stake itself.

The Bigger Picture

As digital-first financial firms compete for market share against traditional brokerages, partnerships with—or investments from—established players like BlackRock can help bridge credibility gaps. Freedom Holding’s trajectory will be closely watched, particularly as it balances regulatory scrutiny, tech-driven growth, and global expansion.