Bullish indicating open at $55-$60, IPO prices at $37
WHITE PLAINS, N.Y. - FRMO Corp. (OTC Pink:FRMO), a $396 million market cap company currently trading at $8.99, announced Friday that Murray Stahl has resigned as Chairman of the Board, a position he has held since the company’s founding in 2001. Stahl will continue to serve as Chief Executive Officer.
Following Stahl’s departure from the chairman role, the board appointed Peter Doyle as the new Chairman and Rimmy Malhotra as Vice Chairman and Lead Independent Director. The company’s board size has been set at eight members.
FRMO Corp., which invests in and receives revenues from consulting and advisory fee interests in the asset management sector, reported having 44,022,781 shares of common stock outstanding as of May 31, 2025.
The announcement came through a company press release that provided no specific reason for the leadership transition. The organizational changes represent the first chairmanship change since the company’s establishment more than two decades ago.
FRMO Corp. trades on the OTC Pink market, which is part of the over-the-counter securities market where stocks trade through a broker-dealer network rather than on a centralized exchange.
In other recent news, FRMO Corp has announced a strategic transition towards cryptocurrency mining and digital asset management, as highlighted in their latest earnings call. The company reported holding $13.7 million in digital assets, primarily Bitcoin, and has invested $1 million in digital mining rigs. FRMO Corp is not aggressively targeting asset growth but is focusing on performance and strategic positioning within the cryptocurrency market. The company has also outlined plans to expand its cryptocurrency mining efforts through partnerships with Wynland and Consensus Mining. FRMO Corp’s CEO, Murray Stahl, emphasized the company’s focus on profitability over expansion, stating, "We want to make money, not raise money." Analysts have inquired about the company’s indirect Bitcoin mining strategy, which involves mining alternative coins with higher momentary returns and converting them into Bitcoin. The company holds $11 billion under management at Horizon Kinetics, with a steady earnings per share (EPS) forecast of 1.33 USD annually for FY2025 and FY2026. Regulatory changes and market volatility in digital currencies are noted as potential risks and challenges for FRMO Corp.
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