• Stripe for financial trading infrastructure.
• A B2B version of Fidelity or Charles Schwab, specializing in clearing and back-office technology for financial firms.

• Clearing and Settlement Services: Provides essential back-office functions for financial transactions, enabling the processing, matching, and settlement of trades for broker-dealers and financial institutions.
• Custody Services: Offers safekeeping and administration of client assets, such as securities and cash, on behalf of broker-dealers and investment advisors.
• Brokerage Technology Solutions: Delivers integrated technology platforms and software-as-a-service (SaaS) solutions to broker-dealers for managing trading, compliance, reporting, and other operational workflows.

AtlasClear (ATCH) primarily sells its services to other companies, operating on a business-to-business (B2B) model.

Its customers are generally financial institutions that require clearing, settlement, custody, and related technology solutions. Based on their public disclosures, the categories of companies they serve include:

• Broker-dealers
• Registered Investment Advisors (RIAs)
• Other financial institutions (which may include fintech companies)

AtlasClear does not publicly disclose the names of its individual major customers in its SEC filings (such as its annual 10-K reports). This typically indicates that no single customer accounts for 10% or more of its total revenue, which would trigger a specific disclosure requirement under SEC regulations.

Dean Serizawa, Chief Executive Officer

Mr. Serizawa joined AtlasClear in October 2023. He has a background in leading financial services and financial technology companies. He previously served as CEO of multiple financial technology companies and was also the CEO of Global Business and Financial Services at Blockbuster.

Michael Cohen, Chief Financial Officer

Mr. Cohen joined AtlasClear in October 2023. He brings over 25 years of experience in finance, including senior positions at public companies and in investment banking. Prior to AtlasClear, he held the CFO position at North Mountain Merger Corp..

John Kim, President

Mr. Kim serves as the President of AtlasClear. He was previously the CEO and co-founder of Atlas FinTech Holdings Corp..

Chong Kim, Chief Business Officer

Mr. Kim is the Chief Business Officer of AtlasClear, a role he also held at Atlas FinTech Holdings Corp..

Jay Madigan, Chief Operating Officer

Mr. Madigan is the Chief Operating Officer of AtlasClear. He previously served as the Chief Operating Officer of Atlas FinTech Holdings Corp..

AtlasClear (ATCH) operates in several addressable markets with the following sizes:

• Online Trading Platforms: The global online trading platform market was valued at approximately USD 10.15 billion in 2024 and is projected to grow to USD 16.71 billion by 2032, at a compound annual growth rate (CAGR) of 6.4%. North America holds a significant share of this market, accounting for 40.79% in 2024. The U.S. online trading platform market alone is estimated to reach USD 4.3 billion by 2032.
• Clearing and Settlement Services: The global clearing houses and settlements market is expected to grow from USD 11.61 billion in 2023 to USD 19.01 billion by 2033, with a CAGR of 5.05%. Another estimate places the global market at USD 11.54 billion in 2024, projected to reach USD 17.35 billion by 2030, with a CAGR of 7.09%. North America currently holds the largest regional share in this market. The European clearing houses and settlements market is estimated at USD 2.05 quadrillion in 2025 and is forecast to reach USD 2.22 quadrillion by 2030, at a CAGR of 1.59%.
• Prime Brokerage Services: The prime brokerage services industry is estimated to be a US$20 billion market globally. The top twelve investment banks providing these services generated a record $20.4 billion in revenues in 2023.

AtlasClear (ATCH) is poised for future revenue growth over the next two to three years, driven by several strategic initiatives and expanding business lines:

• Expansion of Correspondent Clearing Client Base: AtlasClear is actively focused on broadening its correspondent clearing client base, a strategy explicitly identified by the company as its "path to scale". The signing of a third correspondent clearing client is expected to significantly contribute to the company's performance in fiscal year 2026.
• Growth in Stock Loan Business: The company's stock loan business has demonstrated substantial growth and is projected to continue its upward trajectory. This segment, which was an immaterial revenue source in 2024, grew to approximately 12% of revenue by June 2025 and 15% by July 2025, with September's net stock loan revenue surpassing $400,000, marking a 42.3% increase over August. This expansion is attributed to new management in the stock loan division and a strategic partnership with FinTech provider LocBox.
• Acquisition of a Commercial Bank: AtlasClear plans to acquire Commercial Bancorp, a move anticipated to significantly expand its platform beyond traditional clearing and settlement into prime banking services. This acquisition is crucial for offering a more comprehensive, integrated suite of financial services, which management believes will drive long-term scale and enhance profit margins.
• Technology Deployment and Innovation: The company emphasizes its commitment to building a "cutting-edge technology enabled financial services firm". Key to this is the ongoing deployment of technology, particularly through its partnership with LocBox, which is modernizing the stock loan business to be more transparent, scalable, and revenue-generating. The introduction of OLA digital account opening and further rollouts of LocBox technology are integral to this strategy.
• Expansion of Investment Banking and Underwriting Services: AtlasClear is diversifying its revenue streams through the expansion of its investment banking and underwriting businesses. Its subsidiary, Wilson-Davis & Co., has already secured an underwriting agreement to raise up to $75 million for Limitless X Holdings Inc., a deal the company views as a potential blueprint for future business endeavors.

Share Repurchases

• The board has agreed to potentially utilize up to $5 million from the initial investment tranche from Hanire LLC for a stock buyback program, as announced on July 31, 2025.
• A new $5 million stock buyback program was mentioned on September 23, 2025, intended to address dilution concerns.
• AtlasClear Holdings' 6-Month Share Buyback Ratio was -1,567.92% as of June 2025, and the Buyback Yield in the last 12 months was -3,167.76%, indicating significant share issuance or dilution rather than repurchases over these periods.

Share Issuance

• The number of shares outstanding increased by 3,167.76% in one year.
• More than $43 million in debt was converted into shares, reducing De-SPAC liabilities by over 80% as of September 29, 2025.
• Hanire LLC is purchasing 19.9% of the Company in equity, with the remaining balance in convertible notes, indicating future share issuance upon note conversion.

Inbound Investments

• AtlasClear Holdings secured a $45 million financing agreement with Hanire LLC, with the total investment split into an initial $20 million tranche and a second tranche of $25 million.
• The company closed a $20,000,000 financing investment led by Funicular Funds, LP with insider participation from Sixth Borough Capital, announced on October 15, 2025.
• AtlasClear Holdings secured $3 million in financing on September 17, 2025, to strengthen immediate liquidity.

Outbound Investments

• AtlasClear Holdings acquired Wilson-Davis & Co., a securities broker-dealer.
• The company extended its contract to acquire Commercial Bancorp of Wyoming.

Capital Expenditures

• Capital expenditures were -$125,000 in the last 12 months.
• For fiscal year 2025, capital expenditures were -$0.13 million, and in fiscal year 2024, they were -$0.5 million.
• Plans for fiscal year 2026 include additional technology deployment with their fintech partner LocBox.