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Forum Markets invests its own capital in digital assets, primarily Ethereum’s ETH, rather than mainly selling services to customers. It places ETH into staking arrangements through third-party operators and protocols, receiving a share of staking rewards and tokens offered as participation incentives. Liquid staking has supplied most revenue, with incentive tokens contributing more than staking rewards. Coinbase supplies most of this income and is also a key custody provider, so the business depends heavily on that relationship and on ETH, which dominates its assets.
The company is also developing investments that represent real-world assets as digital securities. Its Aero Token already trades on Liquidity.io, but the broader tokenization strategy remains at an early stage. Forum Markets plans to earn asset yields, fees and investment income from that strategy; these are planned sources of growth, not its established main revenue engine. Execution depends on access to capital and functioning trading infrastructure. Offers and sales of its tokenized securities must be registered or qualify for an exemption, and their distribution and trading may require additional regulatory approvals or registrations.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Forum Markets’ results hinge on ETH prices and staking returns, making rewards and incentives from Coinbase, Ether.fi and Puffer key things to watch.
The FG Nexus business supplied for FG Communities Holdings shares Forum Markets’ exposure to ETH prices: both hold ETH, seek returns on it and pursue investments that turn real-world assets into digital tokens. FG Nexus currently keeps its ETH unstaked for liquidity, so its choices about earning yield offer a comparison for Forum Markets’ reliance on staking rewards and protocol incentives.
Bit Digital’s ETH holdings and staking business give it crypto exposure closely comparable to Forum Markets, with both sensitive to ETH prices and staking returns. Its additional WhiteFiber business makes the comparison less direct, since AI and machine-learning customers also pay it for data-center hosting and cloud GPU services.
Forum Markets depends on Coinbase Global to safeguard digital assets and provide staking-related services, while Coinbase also collects fees from customers trading crypto. Coinbase contributed $4.340 million of Forum Markets’ staking and reward income in 2025, making its custody reliability and staking services more directly relevant than its trading-fee revenue.
DeFi Development follows a treasury-and-rewards model similar to Forum Markets, but holds SOL rather than ETH, so the underlying token exposure differs. It puts SOL to work supporting transaction validation—staking—and operates validators to earn network rewards; those rewards offer a comparison with Forum Markets’ ETH staking income, not a direct measure of it.
TON Strategy Company and Forum Markets both earn rewards by putting treasury tokens into staking, but TON Strategy holds Toncoin rather than ETH, so their asset values depend on different tokens. TON Strategy makes its Toncoin available to third-party operators that validate transactions, and reports reward revenue after validator and protocol fees—a useful comparison for Forum Markets’ staking income.
DeFi Technologies gives investors indirect exposure to crypto through exchange-traded products, including Ethereum products, whereas Forum Markets holds and deploys ETH directly. Its Valour Ethereum Zero product charges no management fee, so interest in that product is a comparison for demand for ETH exposure, not a matching source of fee income.
Coinbase Global, Inc. earningsCOIN
Forum Markets relies on Coinbase to safeguard digital assets and provide staking services, so Coinbase's report can show how those services are faring within its crypto business.
Focus on Coinbase's disclosures about custody and staking, not trading-fee revenue as a stand-in for those services. Steady activity or operations would support the view that a service channel Forum Markets depends on is functioning; weakness or operational problems would underscore the risk of that reliance. Coinbase's report cannot establish the specific service it provided to Forum Markets or the income Forum Markets earned from it.
Forum Markets, Incorporated earningsThis company
Forum Markets earns staking rewards and incentive tokens from ETH activity, and this report will show whether those revenues are holding up beyond a few sources.
Read staking revenue alongside incentive revenue, then consider how many customers account for the income. Rising staking revenue from a broader set of sources would show that Forum Markets has a wider base for its ETH business; if revenue still relies on incentive tokens or a few customers while expenses remain high, the new business has yet to show it can support its operating costs.
Bit Digital, Inc. earningsBTBT
Bit Digital holds ETH and stakes it, offering a comparison for the returns Forum Markets seeks, though Bit Digital's AI and data-center business is not part of Forum Markets' model.
Focus on Bit Digital's disclosures about its ETH holdings and staking, and separate those from its AI and data-center business. Steady ETH staking would show that a similar ETH-based business can still generate returns; if staking is weak, strong results from other businesses would not change the pressure on the ETH-return path Forum Markets relies on. The models differ, so this is a comparison, not proof of Forum Markets' results.
FG Communities Holdings Inc. earningsFGC
FG Nexus and Forum Markets both hold ETH and seek returns from it, so FG Communities Holdings' report can show how FG Nexus weighs liquidity against staking yield.
Look for whether FG Nexus continues to keep its ETH unstaked and whether the report describes any new way of earning yield. If it remains unstaked, another ETH holder is still prioritizing liquidity; if FG Nexus puts ETH to work for yield, it is choosing a different balance between liquidity and income. This is a strategic comparison for Forum Markets, not a substitute for its own staking-revenue figures.
