True Global Ventures sees two major deals with Forge, Animoca

True Global Ventures hits two major portfolio milestones in just 72 hours.

Forge Global’s US$660 million acquisition and Animoca Brands’ planned Nasdaq listing mark key achievements for True Global Ventures Funds 4 and 5.

Charles Schwab will acquire Forge Global for about US$660 million, valuing the company at roughly US$45 per share.

Forge Global, which provides digital infrastructure for trading private company shares, is part of True Global Ventures’ portfolio of AI and blockchain investments.

Separately, Animoca Brands, also backed by True Global Ventures, has proposed a merger with Currenc Group that would make Animoca a Nasdaq-listed company.

Animoca shareholders are expected to own around 95% of the combined entity, with completion anticipated in H2 2026.

True Global Ventures, granted a Capital Markets Services license earlier this year, focuses on growth and late-stage technology startups globally.

🔗 Source: True Global Ventures

🧠 Food for thought

Implications, context, and why it matters.

Schwab’s $660 million deal values Forge at ~36x its Q4 revenue less transaction-based expenses, a premium for a business with declining profitability per trade

Forge’s revenue less transaction-based expenses (net revenue after pass-through trading costs) was $18.3 million in Q4 2024, so the $660 million price equals about 36 times that quarterly figure 1. Marketplace revenue was $8.6 million in Q4 2024 1. The net take rate fell to 2.8% from 3.3% year over year, which lowered profit per trade 1.
Marketplace volume rose 73% year over year to $1.33 billion in 2024 2 1. Transaction volume fell 12% from Q3 to Q4 to $299 million 2 1. The firm posted a $67.8 million net loss in 2024, an improvement from $91.5 million in 2023 2.
The focus looks like reach over near-term profit. Forge manages $16.9 billion in custodial assets (assets held on behalf of clients) across 2.38 million accounts, which gives access to clients active in private markets 1.

Traditional wealth managers and broker-dealers (licensed securities firms that trade on behalf of clients) should partner with secondary platforms now as private market trading infrastructure consolidates around a few winners

The private secondary market (trading of existing shares in private companies) hit a record $160 billion in 2024 3. Forecasts put it near $300 billion a year within a decade, with 71% of venture capital exits in 2024 coming through secondaries instead of IPOs 3.
Firms should explore partners such as Nasdaq Private Markets (a marketplace for secondary transactions in private company shares) 4. The Forge deal removes an independent venue 4. Providers in transfer agent services (maintaining shareholder records), cap table management (tracking company ownership), or Know Your Customer/accreditation verification (confirming investor identity and that they meet required wealth or income thresholds) can pitch traditional brokers entering this segment.
Compliance strength matters. Platforms must handle Right of First Refusal (ROFR) restrictions, transfer limits, and accredited investor checks, which many retail brokerages have not managed at scale 5 4.