Forge Global Holdings, Inc. (NYSE:FRGE) was named the liquidating trustee for the customer assets of Linqto, Inc. following Linqto’s Chapter 11 filing on July 8 2025. The appointment, announced on January 13 2026 and pending final court approval, will see Forge administer and hold assets on behalf of former Linqto customers under the court‑approved reorganization plan.
Linqto’s bankruptcy was triggered by investigations from the SEC and other regulators over alleged securities‑law violations, including marketing private‑equity investments to ineligible retail investors and failing to properly transfer securities. The plan will allow former customers to recover value from their holdings, a process that requires careful asset administration and customer communication.
Forge’s role will involve holding the assets, managing the post‑emergence structures, and supporting pathways for customers to realize value. The company’s status as a regulated private‑market platform, broker‑dealer, and state‑chartered trust company gives it the infrastructure and expertise needed to handle the complex asset administration required in a bankruptcy context.
The appointment expands Forge’s footprint in the private‑market ecosystem and could generate additional fee income. Forge reported a net loss of $18.22 million for Q3 2025 and a trailing‑12‑month EPS of –$4.94, but revenue grew 10% QoQ to $27.6 million and first‑half 2025 revenue rose 28% YoY to $52.7 million. The company is targeting adjusted EBITDA breakeven by 2026, indicating a focus on turning its revenue growth into profitability.
Management emphasized the seriousness of the responsibility: “Being entrusted with these assets is a responsibility we take very seriously. Our focus is on stewardship—ensuring these customer holdings are protected, well‑administered and supported by the infrastructure required to navigate private‑market outcomes.” The appointment signals confidence in Forge’s capabilities and may enhance its reputation as a trusted custodian in the private‑market space.
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