Statement of Changes in Beneficial Ownership (Form 4)

FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b). Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person * CHERDABAYEV BORIS 2. Issuer Name and Ticker or Trading Symbol Freedom Holding Corp. [FRHC] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) __X__ Director _____ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) 40 WALL STR, 58 FLOOR 3. Date of Earliest Transaction (Month/Day/Year) 09/16/2025 (Street) NEW YORK, NY 10005 4. If Amendment, Date Original Filed (Month/Day/Year) 6. Individual or Joint/Group Filing (Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common 09/16/2025 A 757(1) A $ 0 757 D Common 11/04/2025 S 300 D $141.88(3) 457 D Common 11/06/2025 S 150 D $136.33(4) 307 D Common 12/29/2025 S 186 D $125.72(5) 121 D Common 06/11/2026 A 677(2) A $ 0 798 D

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
CHERDABAYEV BORIS 40 WALL STR, 58 FLOOR NEW YORK, NY 10005	X

Signatures

/s/ Boris Cherdabayev		07/22/2026
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	Mr. Cherdabayev was awarded 757 restricted shares of common stock of Freedom Holding Corp. (the "Company") on September 16, 2025, under the Company 2019 Equity Incentive Plan. Assuming satisfaction of applicable vesting conditions, which include continuous service with the Company and market price conditions tied to the performance of the Company's common shares, vesting of the shares occurred on September 16, 2025.
(2)	Mr. Cherdabayev was granted 677 shares of restricted common stock of the Company on April 1, 2026, under the Company's 2019 Equity Incentive Plan, pursuant to a Restricted Stock Award Agreement executed on June 11, 2026. The shares became fully vested on June 11, 2026, the date the Restricted Stock Award Agreement was executed and the transaction became effective.
(3)	Reflects the weighted average sale price on November 4, 2025. The shares were sold in multiple transactions at prices ranging from $141.81 to $141.92, inclusive. The reporting person undertakes to provide the Company, any shareholder of the Company, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within such range.
(4)	Reflects the weighted average sale price on November 6, 2025. The shares were sold in multiple transactions at prices ranging from $136.24 to $136.37, inclusive. The reporting person undertakes to provide the Company, any shareholder of the Company, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within such range.
(5)	Reflects the weighted average sale price on December 29, 2025. The shares were sold in multiple transactions at prices ranging from $125.70 to $125.79, inclusive. The reporting person undertakes to provide the Company, any shareholder of the Company, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within such range.
Remarks: This Form 4 is filed late due to technical difficulties accessing EDGAR through Login.gov (error LG22) during the relevant filing period. The report was filed promptly upon resolution.

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