US-EU Index Rebalances / Quantitative Researcher, ORTEX

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/galaxy-digital-holdings-ltd" target="_blank" data-smartkarma-citation="entities:35995:1" rel="noopener">Galaxy (GLXY US)</a> has a market cap of ~$8bn and up until May 2025, it was incorporated in the Cayman Islands, listed in Canada, and headquartered in the US.</li>
<li>
<a href="https://www.smartkarma.com/entities/galaxy-digital-holdings-ltd" target="_blank" data-smartkarma-citation="entities:35995:1" rel="noopener">Galaxy (GLXY US)</a> underwent a reorganization in May 2025, when it listed and became incorporated in the US.</li>
<li>
<a href="https://www.smartkarma.com/entities/galaxy-digital-holdings-ltd" target="_blank" data-smartkarma-citation="entities:35995:1" rel="noopener">Galaxy (GLXY US)</a> is expected to be added to a major US index in June 2026 following the reorganization.</li>
</ul>



Galaxy (GLXY US) has a market cap of ~$8bn and up until May 2025, it was incorporated in the Cayman Islands, listed in Canada, and headquartered in the US.

Galaxy (GLXY US) underwent a reorganization in May 2025, when it listed and became incorporated in the US.

Galaxy (GLXY US) is expected to be added to a major US index in June 2026 following the reorganization.


Galaxy Digital (GLXY US): US Index Inclusion Following Reorganization

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Thematic (Sector/Industry)

<ul><li>A digital asset treasury (DAT) company is a publicly traded firm that holds a significant amount of cryptocurrencies and other digital assets on its balance sheet.</li><li>Unlike traditional businesses that generate revenue from selling products or services, a DAT company’s primary purpose is to provide investors with exposure to the crypto market through a more familiar, regulated vehicle: publicly traded equity.</li><li>Over the course of 2025, more than 150 publicly listed companies in the US have announced plans to raise nearly $100 billion to acquire digital assets for their treasuries. </li></ul>

A digital asset treasury (DAT) company is a publicly traded firm that holds a significant amount of cryptocurrencies and other digital assets on its balance sheet.Unlike traditional businesses that generate revenue from selling products or services, a DAT company’s primary purpose is to provide investors with exposure to the crypto market through a more familiar, regulated vehicle: publicly traded equity.Over the course of 2025, more than 150 publicly listed companies in the US have announced plans to raise nearly $100 billion to acquire digital assets for their treasuries. 

Tech Talk: Digital Asset Treasuries - September 10, 2025

<ul>
<li>Forecasted inclusions include <a href="https://www.smartkarma.com/entities/coreweave-inc" target="_blank" data-smartkarma-citation="entities:44471:1" rel="noopener">CRWV</a> &amp; <a href="https://www.smartkarma.com/entities/figma-inc" target="_blank" data-smartkarma-citation="entities:45422:1" rel="noopener">FIG</a> due to increased public voting rights, <a href="https://www.smartkarma.com/entities/bitfarms-ltd-of-canada" target="_blank" data-smartkarma-citation="entities:35932:1" rel="noopener">KEEL</a> &amp; <a href="https://www.smartkarma.com/entities/ashtead-group-plc" target="_blank" data-smartkarma-citation="entities:21806:1" rel="noopener">SUNB</a> due to newly eligible US index nationality, and <a href="https://www.smartkarma.com/entities/opendoor-technologies-inc" target="_blank" data-smartkarma-citation="entities:32216:1" rel="noopener">OPEN</a> &amp; BMNR due to a price surge.</li>
<li>
<a href="https://www.smartkarma.com/entities/ashtead-group-plc" target="_blank" data-smartkarma-citation="entities:21806:1" rel="noopener"></a>Projected deletions include <a href="https://www.smartkarma.com/entities/beyond-meat-inc" target="_blank" data-smartkarma-citation="entities:28065:1" rel="noopener">Beyond Meat (BYND US)</a>, <a href="https://www.smartkarma.com/entities/getty-images-holdings-inc" target="_blank" data-smartkarma-citation="entities:37015:1" rel="noopener">Getty Images (GETY US)</a>, and <a href="https://www.smartkarma.com/entities/alight-inc" target="_blank" data-smartkarma-citation="entities:27940:1" rel="noopener">Alight (ALIT US)</a> because of prices below $1 despite market caps of ~$400m.</li>
<li>Anticipated migrations from R2000 to R1000 include<a href="https://www.smartkarma.com/entities/bloom-energy-corp" target="_blank" data-smartkarma-citation="entities:34062:1" rel="noopener"> Bloom Energy (BE US)</a>, <a href="https://www.smartkarma.com/entities/nextracker-inc" target="_blank" data-smartkarma-citation="entities:36731:1" rel="noopener">Nextpower (NXT US)</a>, <a href="https://www.smartkarma.com/entities/fabrinet" target="_blank" data-smartkarma-citation="entities:8813:1" rel="noopener">Fabrinet (FN US)</a>, and <a href="https://www.smartkarma.com/entities/credo-technology-group-holding-ltd" target="_blank" data-smartkarma-citation="entities:35436:1" rel="noopener">Credo Technology (CRDO US)</a>, resulting in passive fund supply.</li>
</ul>


Forecasted inclusions include CRWV &amp; FIG due to increased public voting rights, KEEL &amp; SUNB due to newly eligible US index nationality, and OPEN &amp; BMNR due to a price surge.

Projected deletions include Beyond Meat (BYND US), Getty Images (GETY US), and Alight (ALIT US) because of prices below $1 despite market caps of ~$400m.
Anticipated migrations from R2000 to R1000 include Bloom Energy (BE US), Nextpower (NXT US), Fabrinet (FN US), and Credo Technology (CRDO US), resulting in passive fund supply.


US R3000 Annual Forecasts - Jun26: Additions, Deletions & Migrations

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>Our outlook remains bullish on global equities (MSCI ACWI) with ACWI-US and the S&amp;P 500 holding above their respective bases at $117 and 5650-5670.</li>
<li>We've discussed since mid-October how we would use any pre-election pullback in the MSCI ACWI or the SPX (U.S. remains our only country overweight) as an opportunity to add exposure</li>
<li>And we continue to see a high probability of significant upside going into year-end and the early part of 2025.</li>
</ul>


Our outlook remains bullish on global equities (MSCI ACWI) with ACWI-US and the S&amp;P 500 holding above their respective bases at $117 and 5650-5670.
We've discussed since mid-October how we would use any pre-election pullback in the MSCI ACWI or the SPX (U.S. remains our only country overweight) as an opportunity to add exposure
And we continue to see a high probability of significant upside going into year-end and the early part of 2025.


Buy the Pullback in MSCI ACWI and S&P 500; Buys in Uranium, Transports, Services, Technology, More

<ul><li>AI Continues to Grab Investor Interest as Expectations Have It Affecting Nearly Everything AI is in every company now.</li><li>It has been having a major impact on the tech sector for some time, it accelerated in 2024, and is likely to continue driving tech in 2025.</li><li>Every company is now building neutral networks, and this is driving growth in data centers, hardware, and specifically GFP/AI chips. </li></ul>

AI Continues to Grab Investor Interest as Expectations Have It Affecting Nearly Everything AI is in every company now.It has been having a major impact on the tech sector for some time, it accelerated in 2024, and is likely to continue driving tech in 2025.Every company is now building neutral networks, and this is driving growth in data centers, hardware, and specifically GFP/AI chips. 

WTR Small-Cap Spotlight Recap Tech Trends for 2025

United States

Galaxy Digital Holdings Ltd. is a limited partner in Galaxy Digital LP, a merchant banking institution dedicated to the digital assets and blockchain technology sector. The firm operates across four business lines: asset management, trading, principle investments, and advisory services.

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Galaxy (GLXY CN)

Galaxy Digital (GLXY US): US Index Inclusion Following Reorganization

Galaxy Digital is now listed, incorporated, and headquartered in the US following its reorganization in May 2025, positioning it for a major US...

Dimitris Ioannidis

Tech Talk: Digital Asset Treasuries - September 10, 2025

A digital asset treasury (DAT) company is a publicly traded firm that holds a significant amount of cryptocurrencies and other digital assets on...

Water Tower Research

US R3000 Annual Forecasts - Jun26: Additions, Deletions & Migrations

The last annual reconstitution for index US‑R3000 is approaching, with additions and deletions driven by public voting rights, extreme price...

Dimitris Ioannidis

Buy the Pullback in MSCI ACWI and S&P 500; Buys in Uranium, Transports, Services, Technology, More

Buy the Pullback in MSCI $ACWI and $SPX; Still bullish on global equities with $ACWI and the SPX holding above their respective bases at $117 and...

Vermilion Research

WTR Small-Cap Spotlight Recap Tech Trends for 2025

AI Continues to Grab Investor Interest as Expectations Have It Affecting Nearly Everything AI is in every company now. It has been having a major...

Water Tower Research

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