net capital (NASDAQ:NCPL) emerges from online capital formation or securities crowdfunding. Founder of Netcapital Jason Frishman As a financing portal regulated by FINRA in 2014.
In a recent company statement, Netcapital stated that it is moving away from online capital formation: “as it plans to evolve from a transaction-based capital formation marketplace to a comprehensive, data-driven capital markets infrastructure platform..”
At the beginning of 2026, Netcapital announced It was changing its strategy to take advantage of tokenization and list its first tokenized offering.
Netcapital under the leadership of the new CEO Todd VioletteHe said he pivoted to leverage his most valuable asset: data from private equity campaigns generated through online capital formation. Violette said they “fundamentally changed the way Netcapital creates value.”
Part of the transition will be incorporating artificial intelligence to create tools that help others obtain financing.
Netcapital stated that they are in the early stages of developing these new tools and explained how they expect progress as follows:
- Engineering AI components to identify patterns of success in historical campaign data
- Restructuring operational infrastructure to support data-driven product development
- Exploring strategic acquisitions that align with our data infrastructure vision
- Creating a team that can handle both regulated capital markets operations and technology product development
Violette said the transition will take time.
Netcapital incurred losses of over $28 million in 2025, recording an operating loss of $8.3 million and taking an impairment charge of almost $20 million. Its last profitable year was 2023.
Netcapital became a public company by merging with ValueSetters in 2020. Its valuation at the time was $20 million.
In 2022, Netcapital raised nearly $5 million as it moved from OTC Markets to Nasdaq.
Today, Netcapital trades at around $0.38 per share, with a market cap of just over $3 million.
