--- title: "Linqto’s finances: amounts, dates and limits" language: en canonical: https://osint.v3rta.com/dossiers/linqto/financial-records/ as_of: 2026-10-09 keywords: ["Linqto","Liquidshares","Linqto Capital","private market investments","series interests","Chapter 11","customer recovery plan","Sandton financing","Forge trustee dispute","corporate governance","securities proceedings"] --- # Linqto’s finances: amounts, dates and limits **Question.** Which financial measures can be compared safely? **Answer.** Parent revenue, Capital accounts, securities schedules and monthly debtor reports measure different things and retain separate valuation and unit limits. ## Parent operations and reported payments - Analysis: Parent’s statement of financial affairs reports gross operating revenue of $48.34 million in 2023, $58.18 million in 2024 and $2.69 million through July 7, 2025. Gross revenue is different from customer subscriptions, asset value and profit. New management’s June 2025 account challenged earlier classifications, including Ripple tender revenue and omitted series-maintenance and Linqto Bucks obligations; it was a management assessment rather than a fresh audit of every prior statement. [s-d18] [s-d72] - Analysis: The one-year insider-payment schedule totals $6,572,330.52 and separately records salaries, bonuses and other transfers. Among the entries are $591,593.01 to Siciliano and a $1,921,383.43 March 2024 tax payment connected with Sarris’s option exercise. Listing such payments does not establish that each was improper. Shared-services entries called debt forgiveness concern corresponding affiliate debt for services paid or provided by Parent; they are not all cash transfers. [s-d18] [s-d94] - Analysis: The financial-affairs statement records $16,000 paid to Brad Kimes and $16,000 to John Peak as contractor compensation in the 90 days before the petition. Those dated payments cover a different period and measure from management’s later estimates of effective influencer compensation, which include credits, gifted units and other noncash benefits. The schedule does not decide the disclosure allegations. [s-d18] ## Liquidshares’ schedules and valuation - Analysis: The amended September 2025 schedules report Liquidshares assets of $685,273,842.50 and liabilities of $415,486,008.86: $2,779,000 priority unsecured and $412,707,008.86 nonpriority unsecured claims, with no secured claims scheduled. These debtor-prepared figures are not realizable proceeds or adjudicated allowed claims. Cash was $19,927,109.54, including $19,884,010.12 at Silicon Valley Bank, while the schedule separately identified JPMorgan customer cash to which Liquidshares had no title. [s-d96] - Analysis: Total investments were printed as $665,346,732.96. Public-stock marks included Circle at $106,642,323.48 and CoreWeave at $2,788,362. Private positions used the internal June 30, 2025 valuation method with unknown ownership percentages: Ripple was $398,839,514.94, Space Exploration Technologies $34,836,075.47, Cerebras $26,065,360.86 and Kraken $7,716,063.23. Unknown percentages do not establish control, and internal values are not guaranteed sale prices. [s-d96] - Analysis: Other scheduled positions included Uphold at $9,482,902.80 and xAI at $20,432,433.09. A $1,670,000 entry labelled Blockchain Coinvestors did not identify the precise legal vehicle and cannot be equated with the SPAC sponsor. A Linqto entry had zero value and an unknown percentage, while the separate Parent shareholder statement reported Liquidshares at 18%; zero valuation did not establish extinguishment of that interest. [s-d96] - Analysis: The complete 117-position register preserves the individual entries. Their amounts add to $665,346,732.98, two cents above the printed investment total. The discrepancy is retained without inferring a missing position, fraud or a change in realizable proceeds. [s-d96] ## July operating reports - Analysis: The July 2026 exhibit reports Liquidshares net cash receipts of 130,113,353 and closing cash of 132,674,672, with consolidated closing cash of 141,453,440 and no DIP draw that month. Its “$ in 000s” header conflicts with apparently dollar-scale numbers. These are reproduced as printed, without multiplying them; the global notes identify July data while cover forms carry a different period label. [s-d84] - Analysis: At July 31, the exhibit reports Parent DIP financing of 24,257,998, accrued interest of 1,846,644 and assets of 9,746,548. It reports Liquidshares assets of 798,024,709, including other assets of 555,878,481, with liabilities and equity unknown. Private-company figures remain petition-date values. Customer-owned cash was excluded from Liquidshares’ balance-sheet and closing cash, and uncleared requested withdrawals explain the small cash reconciliation difference. The inconsistent unit header also applies to these exhibit figures. [s-d84] - Analysis: The report filed September 23 shows no employees, receipts, disbursements, assets or debt for Liquidshares Manager. Its cover identifies Samuel Schwartz, not the extracted attribution to Stein, and says September 1 despite the July reporting context. A separate retained research account paraphrases June 2026 figures, including $23,030,487 DIP debt and $2,068,758 restructuring costs; the original June report is not separately retained. Those dollar-scale amounts are paraphrased without applying the inconsistent exhibit thousands heading. Those June costs preceded Forge’s July refusal and cannot be relabelled as refusal-caused losses. [s-d84] [s-d325] ## Capital’s separate audited accounts - Analysis: Capital was a nondebtor dependent on Parent contributions and court-budgeted Parent DIP funding amid recurring losses and limited liquidity. Its 2025 accounts expressed substantial doubt about going concern. Those financial statements use thousands of dollars and have partial/OCR extraction; their figures apply to Capital rather than a consolidated group valuation. [s-d79] - Analysis: At December 31, 2025, Capital reported $483,000 assets, including $477,000 cash; $160,000 liabilities, including $156,000 due to affiliates; and $318,000 regulatory net capital. Its loss was $1.791 million, member contributions $2.995 million and closing member equity $323,000, versus an $881,000 deficit at end-2024. Accumulated deficit was $4.833 million. The reported scale does not support additional precision beyond the retained statements. [s-d79] - Analysis: The restated 2023 statements report regulatory net capital of negative $794,000 against a $323,000 minimum, a $1.117 million shortfall. They record March 31, 2025 approval of conversion of $1.669 million owed to Liquidshares into capital retroactively, and $3.136 million Parent contributions since January 1, 2024. The earlier exemption report asserted ATS approval without holding customer assets or accounts; approval does not demonstrate that the system actually operated. [s-d97] ## Sources - [s-d18] Court record source · s-d18 - [s-d72] Company statement source · s-d72 - [s-d94] Court record source · s-d94 - [s-d96] Court record source · s-d96 - [s-d84] Court record source · s-d84 - [s-d325] Research source · s-d325 - [s-d79] Linqto Capital financial statements and exemption report for 2025, U.S. Securities and Exchange Commission EDGAR, 2026-03-26 - [s-d97] Linqto Capital financial statements: November 22, 2022–December 31, 2023, U.S. Securities and Exchange Commission EDGAR, 2025-07-10