Year of the minnow: small FCMs grew rapidly in 2025
Coinbase, Hidden Road, GH Financials lead surge
Several futures commission merchants (FCMs) with less than $1 billion in customer funds recorded triple-digit growth through 2025 and into early 2026.
At the end of January, 25 FCMs had futures and options (F&O) customer funds below $1 billion. Holdings ranged from Philip Capital at $904.5 million to Bitnomial Clearing at $522,959.
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