The Company operates two primary segments: Digital Assets and Merchant Banking. The Digital Assets segment focuses on the tokenization of real-world assets, supported by a digital asset treasury model with Ethereum (ETH) as the initial primary treasury asset. This segment's treasury strategy includes commercializing and expanding tokenization of assets such as affordable housing, reinsurance, and real estate. As of December 31, 2025, the Company held 40,093 ETH in custodial accounts at Anchorage and BitGo, utilizing third-party custodians and treasury management services including Galaxy Digital.
The Merchant Banking segment is managed through FG Management Solutions LLC (FGMS), which provides strategic, administrative, and regulatory support to newly formed special purpose acquisition companies (SPACs) under the SPAC Platform. The Company co-founded FG Merchant Partners, LP (FGMP) to co-sponsor SPACs and other merchant banking clients. This segment offers advisory services, facilitates capital formation, and allocates capital to equity holdings. It has facilitated the launch of FG Communities, Inc. (FGC), Craveworthy LLC (Craveworthy), and Saltire Holdings Ltd. (Saltire).
Additionally, the Company owns real estate in Quebec, Canada, leased under a long-term operating lease. It previously owned and operated the Digital Ignition technology incubator and co-working facility, which was sold in April 2024. Segments previously reported as managed services and reinsurance were reclassified to discontinued operations, as were Strong/MDI Screen Systems, Inc. (Strong/MDI) and Strong Studios, Inc. (Strong Studios), both sold in the prior year.
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