US-EU Index Rebalances / Quantitative Researcher

Dimitris Ioannidis

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>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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/aura-minerals-inc" target="_blank" data-smartkarma-citation="entities:47603:1" rel="noopener">Aura Minerals (AUGO US)</a> is a ~$6.4bn mining company which was listed on the Nasdaq on 16 July 2025 while also being listed on the TSX and B3.</li>
<li>
<a href="https://www.smartkarma.com/entities/aura-minerals-inc" target="_blank" data-smartkarma-citation="entities:47603:1" rel="noopener">Aura Minerals (ORA CN)</a> delisted from TSX on 25 September 2025. The company is headquartered in the US and incorporated in the British Virgin Islands.</li>
<li>
<a href="https://www.smartkarma.com/entities/aura-minerals-inc" target="_blank" data-smartkarma-citation="entities:47603:1" rel="noopener">Aura Minerals (AUGO US)</a> is expected to be added to a major US index in June 2026 following its US listing in July 2025.</li>
</ul>



Aura Minerals (AUGO US) is a ~$6.4bn mining company which was listed on the Nasdaq on 16 July 2025 while also being listed on the TSX and B3.

Aura Minerals (ORA CN) delisted from TSX on 25 September 2025. The company is headquartered in the US and incorporated in the British Virgin Islands.

Aura Minerals (AUGO US) is expected to be added to a major US index in June 2026 following its US listing in July 2025.


Aura Minerals (AUGO US): US Index Inclusion Following Listing Transfer from Canada

Credit/Macro/Crypto Analyst, Former Credit/MA PM

Rose Choy

Equity Bottom-Up

<ul>
<li>Galaxy reported 2Q earnings this week and revealed a net loss of over $550 million, driven by realized and unrealized losses in both digital assets and investments.</li>
<li>With $1 billion cash, Galaxy is now in “clean up” mode but could deploy cash for potential M&amp;A. Management sounds cautious and favors asset management business over other proprietary segments.</li>
<li>However, the current cost base run-rate looks high and despite undemanding stock valuation, we believe upside is capped.</li>
</ul>


Galaxy reported 2Q earnings this week and revealed a net loss of over $550 million, driven by realized and unrealized losses in both digital assets and investments.
With $1 billion cash, Galaxy is now in “clean up” mode but could deploy cash for potential M&amp;A. Management sounds cautious and favors asset management business over other proprietary segments.
However, the current cost base run-rate looks high and despite undemanding stock valuation, we believe upside is capped.


Revisiting Galaxy Digital Post 2Q Earnings

<ul>
<li>Galaxy Digital (GLXY) was worth more than C$14 bn in 2021, but by May 2022 GLXY traded down to a market cap of less than C$2.8 bn.</li>
<li>Founder Mike Novogratz, a supporter of Luna, tattooed LUNA on his arm and tweeted “I’m a Lunatic!” As LUNA went into a death spiral, GLXY shares have been hit hard.</li>
<li>However, there’s more than meets the eye, or the tattoo, in GLXY and we see value in the current share price range.</li>
</ul>


Galaxy Digital (GLXY) was worth more than C$14 bn in 2021, but by May 2022 GLXY traded down to a market cap of less than C$2.8 bn.
Founder Mike Novogratz, a supporter of Luna, tattooed LUNA on his arm and tweeted “I’m a Lunatic!” As LUNA went into a death spiral, GLXY shares have been hit hard.
However, there’s more than meets the eye, or the tattoo, in GLXY and we see value in the current share price range.


Galaxy Digital:  Beyond the Ink – a Sum of the Parts of Valuation

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)

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

Aura Minerals (AUGO US): US Index Inclusion Following Listing Transfer from Canada

Aura Minerals, a $6.4bn mining company, listed on Nasdaq in July 2025, delisted from TSX in September 2025, and is set to join a major US index in...

Dimitris Ioannidis

Revisiting Galaxy Digital Post 2Q Earnings

Galaxy reported 2Q earnings with a $550 million net loss. With management sounding cautious, a still too high cost-base, despite undemanding stock...

Rose Choy

Galaxy Digital: Beyond the Ink – a Sum of the Parts of Valuation

Galaxy Digital, one the few listed crypto companies, traded sharply lower amidst the crypto market crash and LUNA death spiral. Is the selling too...

Rose Choy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Aura Minerals (AUGO US): US Index Inclusion Following Listing Transfer from Canada

​Aura Minerals, a $6.4bn mining company, listed on Nasdaq in July 2025, delisted from TSX in September 2025, and is set to join a major US index in...

Dimitris Ioannidis

Revisiting Galaxy Digital Post 2Q Earnings

Galaxy reported 2Q earnings with a $550 million net loss. With management sounding cautious, a still too high cost-base, despite undemanding stock...

Rose Choy

Galaxy Digital: Beyond the Ink – a Sum of the Parts of Valuation

Galaxy Digital, one the few listed crypto companies, traded sharply lower amidst the crypto market crash and LUNA death spiral. Is the selling too...

Rose Choy

Aura Minerals, a $6.4bn mining company, listed on Nasdaq in July 2025, delisted from TSX in September 2025, and is set to join a major US index in...