Forge Global's Q2 2025: Navigating Contradictions in Market Activity, Regulation, and Tokenization

Volume growth and market activity, regulatory environment and retail access, market activity influencers, institutional capital engagement, and tokenization of private companies are the key contradictions discussed in Forge Global's latest 2025Q2 earnings call.



Revenue and Market Dynamics:
- Forge reported record revenue of $27.6 million for Q2 2025, marking a 10% increase from the previous quarter. Market-based revenues reached $18.6 million, up 16% from the first quarter.
- The growth was driven by strong marketplace performance, especially in trading volume, which increased to $756 million, a 9% rise quarter-over-quarter.

Profitability Improvements and Strategic Initiatives:
- The adjusted EBITDA loss improved by 39% to $5.4 million, the lowest since going public.
- This was mainly due to increased revenues and a decrease in operating costs, supported by strategic initiatives such as launching the next-generation marketplace and acquiring Accuidity.

Trading Volume and Mix:
- Trading volume in the first half of 2025 exceeded the full-year 2024 volume, reaching $1.4 billion.
- The improvement in net take rates from 2.3% to 2.4% was attributed to a more evenly distributed volume mix with fewer large block trades.

Private Market and Regulatory Trends:
- Forge noted a rebound in the private market, with over 174 companies going public in the first half of 2025, raising more than $31 billion.
- The company highlighted regulatory momentum, including proposed changes to retail access to private markets and reports of 401(k) plan changes, which are expected to support broader private market participation.