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>
<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

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>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

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

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

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

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

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

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

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...