<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0508</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2025-08-29</periodOfReport>

    <issuer>
        <issuerCik>0000924805</issuerCik>
        <issuerName>Freedom Holding Corp.</issuerName>
        <issuerTradingSymbol>FRHC</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001996455</rptOwnerCik>
            <rptOwnerName>Lukyanov Sergey</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>ESENTAI TOWER BC, FLOOR 7</rptOwnerStreet1>
            <rptOwnerStreet2>77/7 AL FARABI AVE</rptOwnerStreet2>
            <rptOwnerCity>ALMATY</rptOwnerCity>
            <rptOwnerState>1P</rptOwnerState>
            <rptOwnerZipCode>050040</rptOwnerZipCode>
            <rptOwnerStateDescription>KAZAKSTAN</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isOfficer>true</isOfficer>
            <officerTitle>*See Remarks</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>false</aff10b5One>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2025-08-29</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>5725</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>171.67</value>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>132425</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">Reflects the weighted average purchase price on August 29, 2025. The shares were purchased in multiple transactions at prices ranging from $171.45 to $171.95, inclusive. The reporting person undertakes to provide to Freedom Holding Corp., any security holder of Freedom Holding Corp., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within such range.</footnote>
    </footnotes>

    <remarks>Chairman of the Management Board of Freedom Finance JSC and Chairman of the Board of Freedom Finance Global PLC</remarks>

    <ownerSignature>
        <signatureName>/s/ Sergey Lukyanov</signatureName>
        <signatureDate>2025-09-02</signatureDate>
    </ownerSignature>
</ownershipDocument>
