Freedom Holding in the second quarter sold shares of SPB Exchange, making a loss of $29.403 million. By Frank Media calculations, based on average prices in the second quarter, holding could have sold about 2% of shares. Based on the latest disclosure of Best Efforts Bank's shareholders, Freedom Holding structures owned 3.52% of SPB Exchange. In addition, 9.48% was in ZPIF SPB fund, which was formed as a pre-IPO fund by Freedom Holding structures. This fund will soon be disbanded.