Forum Markets, Incorporated
FORUM MARKETS Inc is a U.S.-listed company that is repositioning itself from its legacy business into blockchain-enabled iGaming. It has acquired a back-end gaming technology platform with cryptocurrency operability and plans to build online casino operations first, then expand into a B2B platform for gaming operators and potential acquisitions in the sector.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueBack-end gaming infrastructure acquired to support blockchain-based casino and wagering operations.
Planned consumer-facing online casino products focused initially on cryptocurrency users.
Planned technology offering for third-party gaming operators seeking blockchain-enabled infrastructure.
Crypto-linked treasury and staking activities that currently appear to be part of the company’s operating model.
Products
Reported · share of revenue- Liquid Staking Revenue90.9 %
- Native Staking Revenue6.9 %
- Reward Revenue2.2 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
The company’s intended customers are online gamblers, starting with cryptocurrency users in global iGaming markets. Management also expects to sell technology and platform access to gaming operators under a future B2B model, while acquisition targets could become part of its broader consolidation strategy. At present, the business appears early-stage and customer relationships are still being built.
Users who wager on blockchain-enabled online casino products and value crypto-native deposits and withdrawals.
Third-party operators that may buy or license the company’s blockchain-enabled back-end platform.
iGaming businesses that could be acquired to accelerate market entry and scale the platform.
Custodians, validator operators, and service providers involved in ETH and staking-related activities.
Strategy
Management’s near-term strategy is to monetize the acquired gaming technology platform and launch a blockchain-based iGaming business. The company also wants to expand from B2C casinos into B2B platform services and use its Nasdaq listing as a consolidation vehicle for acquisitions in the sector.
The platform is the core asset intended to create the company’s first operating revenue base.
Crypto users are the initial target because the platform already supports cryptocurrency operability.
A B2B model could broaden monetization beyond direct consumer wagering and improve scalability.
Management views the company as a consolidation vehicle that can accelerate market entry and scale.
Geography
The company describes its target market as global, with initial emphasis on the cryptocurrency segment of iGaming and later possible expansion into fiat wagering. No country-level revenue disclosure was provided, and the business currently appears to have limited operating footprint beyond the U.S. public-company base.
Risks
The company remains highly exposed to financing risk, execution risk, and regulatory uncertainty because it has not yet established a mature operating business. Its crypto-linked model also adds counterparty, custody, cybersecurity, and digital-asset market risks that can materially affect liquidity and valuation.
- Need for additional capitalImpact: CriticalLikelihood: High
The company states it will need more funding and may not obtain it on acceptable terms, which threatens continuity.
Exposure: Could lead to dilution or going-concern pressure
- Regulatory uncertainty in cryptocurrencies and iGamingImpact: HighLikelihood: High
Both crypto services and online gaming are heavily regulated and rules can change by jurisdiction.
Exposure - Digital asset market volatilityImpact: HighLikelihood: High
ETH and related tokens are marked to market or otherwise sensitive to price changes.
Exposure: Can create large swings in reported gains/losses and asset values
- Counterparty and custodian non-performanceImpact: HighLikelihood: Medium
The company relies on custodians and execution partners, including Coinbase-related arrangements, to hold and process ETH.
Exposure - Cybersecurity and operational failuresImpact: HighLikelihood: Medium
Digital asset and gaming platforms are exposed to hacking, outages, and software bugs.
Exposure: Could disrupt operations and damage reputation
Accounting
Judgemental itemsETH and certain tokens are carried at fair value, so market moves directly affect reported earnings and balance sheet values.
Impact: Can create significant volatility in net income and asset balances
The company treats LSTs as a receivable with an embedded derivative, requiring periodic fair value remeasurement.
Impact: Can materially affect gains and losses when tokens are redeemed or revalued
The company says it recognizes revenue under ASC 606, but current operating revenue appears limited or absent.
Impact: Timing and contract structure will matter once casino or platform sales begin
The company already impaired legacy R&D patents and technology after shifting strategy.
Impact: Future strategy changes or weak cash flows could trigger more write-downs
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Last updated: 24/09/2026