Indonesian Software ROE over 20

Steele Bancorp

Market Cap: US$126.0m

Operates as a bank holding company for Mifflinburg Bank and Trust Company that provides commercial, mortgage, residential real estate, consumer loan financing, and deposit services in Pennsylvania.

NameSilo Technologies

Market Cap: US$125.5m

Through its subsidiaries, provides domain name registration services in the United States, East and South Asia, South East Asia, Australasia, and internationally.

DeFi Development

Market Cap: US$116.3m

Focuses on building its treasury around Solana (SOL).

Comstock Holding Companies

Market Cap: US$114.6m

Operates as a asset manager, developer, and operator of mixed-use and transit-oriented properties in the Washington, D.C.

Xtra-Gold Resources

Market Cap: US$105.8m

Engages in the exploration and development of gold properties.

Riku Dining Group

Market Cap: US$101.3m

Through its subsidiaries, engages in the operation of restaurants in Canada and Hong Kong.

BioStem Technologies

Market Cap: US$97.4m

Engages in the development, manufacturing, and commercialization of placental-derived allografts for advanced wound care and regenerative therapies in the United States.

Bluemount Holdings

Market Cap: US$94.2m

Through its subsidiaries, provides financial consulting services.

Elron Ventures

Market Cap: US$93.9m

A venture capital firm specializing in early stage and seed investment.

Kestrel Group

Market Cap: US$91.7m

Engages in provision of fronting services to insurance program managers, MGAs, reinsurers, and reinsurance brokers in Bermuda.

Almco Plumbing

Market Cap: US$90.8m

Engages in the plumbing business in the United States.

Capital Properties

Market Cap: US$87.8m

Engages in leasing land in downtown Providence, Rhode Island under long-term ground leases.

PAPA Medical

Market Cap: US$85.0m

Papa Medical Inc. provides cannabis dosing solutions in the United States.

UY Scuti Acquisition

Market Cap: US$79.0m

Does not have significant operations.

Research Solutions

Market Cap: US$78.6m

Through its subsidiaries, provides research cloud-based software-as-a-service software platform and related services to corporate, academic, government and individual researchers in the United States, Europe, and internationally.

BTCS

Market Cap: US$77.8m

A blockchain technology company, provides blockchain infrastructure services in the United States.

Solera National Bancorp

Market Cap: US$77.6m

Operates as the bank holding company for Solera National Bank, which provides commercial and consumer banking services in the United States.

Golden Growers Cooperative

Market Cap: US$77.5m

Operates as an agricultural cooperative association primarily in Minnesota, North Dakota, and South Dakota.

BEST SPAC I Acquisition

Market Cap: US$75.5m

Does not have significant operations.

Fold Holdings

Market Cap: US$72.5m

A bitcoin financial services company, provides access to bitcoin through a suite of consumer financial products in the United States.

Haoxi Health Technology

Market Cap: US$71.9m

Through its subsidiaries, provides online marketing solutions in China.

Sunlands Technology Group

Market Cap: US$64.4m

Provides online education services through online and mobile platforms in the People’s Republic of China.

LifeVantage

Market Cap: US$64.4m

Engages in the identification, research, development, formulation, and sale of advanced nutrigenomic activators, dietary supplements, nootropics, weight management, pre and pro-biotics and skin and hair care products.

Leifras

Market Cap: US$63.3m

Operates as a sports and social business company in Japan.

uCloudlink Group

Market Cap: US$62.8m

Operates as a mobile data traffic sharing marketplace in the telecommunications industry.

Westell Technologies

Market Cap: US$60.9m

Through its subsidiary, designs, manufactures, and distributes telecommunications solutions to telephone companies in the United States.

Live Ventures

Market Cap: US$60.8m

Engages in the flooring and steel manufacturing, and retail businesses in the United States.

Metalpha Technology Holding

Market Cap: US$59.8m

Provides wealth management services in Hong Kong.

Where Food Comes From

Market Cap: US$58.0m

Operates as a third-party food verification company in the United States.

Highwater Ethanol

Market Cap: US$57.0m

Produces and sells fuel ethanol and co-products of the fuel ethanol production process through third-party professional marketers in the continental United States.

Smart Digital Group

Market Cap: US$49.4m

Provides internet media, business planning and consulting, event planning and execution, and software customization and marketing services in Mainland China and Macau.

DynaResource

Market Cap: US$42.5m

Engages in the investment, exploration, and management of precious metal assets in Mexico.

Yijia Group

Market Cap: US$40.3m

Provides business consulting services in the United States, Hong Kong, China, and internationally.

MDB Capital Holdings

Market Cap: US$31.8m

Through its subsidiaries, primarily operates as a broker-dealer.

rYojbaba

Market Cap: US$31.3m

Provides consulting and health services to various customers in Japan.

Neonode

Market Cap: US$28.9m

Develops optical sensing solutions for contactless touch, touch, and gesture sensing in the United States, Japan, South Korea, Germany, Sweden, China, and internationally.