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/gemini-space-station-inc" target="_blank" data-smartkarma-citation="entities:45668:1" rel="noopener">Gemini Space Station (GEMI US)</a> went public on 12 September on Nasdaq and has since fallen by ~20%, resulting in a company valuation of ~$2.5bn.</li>
<li>
<a href="https://www.smartkarma.com/entities/gemini-space-station-inc" target="_blank" data-smartkarma-citation="entities:45668:1" rel="noopener">Gemini Space Station (GEMI US)</a> is expected to be excluded from a specific Global and US index due to insufficient public voting rights.</li>
<li>
<a href="https://www.smartkarma.com/entities/gemini-space-station-inc" target="_blank" data-smartkarma-citation="entities:45668:1" rel="noopener">Gemini Space Station (GEMI US)</a> is expected to be added to US TMI in December 2025 and to Global SmallCap in February 2026.</li>
</ul>



Gemini Space Station (GEMI US) went public on 12 September on Nasdaq and has since fallen by ~20%, resulting in a company valuation of ~$2.5bn.

Gemini Space Station (GEMI US) is expected to be excluded from a specific Global and US index due to insufficient public voting rights.

Gemini Space Station (GEMI US) is expected to be added to US TMI in December 2025 and to Global SmallCap in February 2026.


Gemini (GEMI US): Limited Global & US Index Inclusion Due to Low Public Voting Rights

<ul>
<li>
<a href="https://www.smartkarma.com/entities/verisure-holding-ab" target="_blank" data-smartkarma-citation="entities:43889:1" rel="noopener">Verisure Holding (VSURE SS)</a> is forecasted to be added to Global Standard following its IPO in October 2025, provided its index nationality is assigned to Sweden.</li>
<li>
<a href="https://www.smartkarma.com/entities/servicetitan-inc" target="_blank" data-smartkarma-citation="entities:44109:1" rel="noopener">ServiceTitan (TTAN US)</a> is expected to be added to Global SmallCap following its IPO lock-up.</li>
<li>
<a href="https://www.smartkarma.com/entities/innoscience-suzhou-technology" target="_blank" data-smartkarma-citation="entities:44185:1" rel="noopener">InnoScience (2577 HK)</a> and <a href="https://www.smartkarma.com/entities/bloks-group-limited" target="_blank" data-smartkarma-citation="entities:43648:1" rel="noopener">Bloks (325 HK)</a> are projected IPO additions following their 12-month IPO lock-up expiry.</li>
</ul>



Verisure Holding (VSURE SS) is forecasted to be added to Global Standard following its IPO in October 2025, provided its index nationality is assigned to Sweden.

ServiceTitan (TTAN US) is expected to be added to Global SmallCap following its IPO lock-up.

InnoScience (2577 HK) and Bloks (325 HK) are projected IPO additions following their 12-month IPO lock-up expiry.


Global Index IPO Forecasts - Feb26: InnoScience, Bloks, Verisure, ServiceTitan Among Candidates

US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

Equity Capital Markets

<ul>
<li>BitGo exits a four-month IPO pause, offering 11.8M shares at $15–$17, targeting a $1.7B–$2.0B valuation ahead of a January 22 debut</li>
<li>Scaled digital asset infrastructure provider with custody, liquidity, and infrastructure services, supporting $100B+ assets on platform and 4,900+ institutional clients globally.</li>
<li>Strong growth and improving profitability, with meaningful AoP expansion, positive net income, and proceeds earmarked for growth, flexibility, and strategic investments.</li>
</ul>


BitGo exits a four-month IPO pause, offering 11.8M shares at $15–$17, targeting a $1.7B–$2.0B valuation ahead of a January 22 debut
Scaled digital asset infrastructure provider with custody, liquidity, and infrastructure services, supporting $100B+ assets on platform and 4,900+ institutional clients globally.
Strong growth and improving profitability, with meaningful AoP expansion, positive net income, and proceeds earmarked for growth, flexibility, and strategic investments.


BitGo Holdings, Inc.(BTGO): Digital Asset Company Sets Terms for IPO, Seeking $2.0b Valuation

Grayscale Investments / Equity Capital Markets

<ul>
<li>Grayscale positions for a 2025 IPO as the largest U.S. digital-asset investment platform with $35 billion AUM and broad institutional-grade product coverage.</li>
<li>The firm targets a $4 trillion digital-asset market, leveraging diversified ETPs and strong investor adoption to expand regulated access and long-term growth potential.</li>
<li>Despite sector volatility, Grayscale aims to capitalize on rising institutional demand, product innovation, and its scale advantages to drive future public-market performance.</li>
</ul>


Grayscale positions for a 2025 IPO as the largest U.S. digital-asset investment platform with $35 billion AUM and broad institutional-grade product coverage.
The firm targets a $4 trillion digital-asset market, leveraging diversified ETPs and strong investor adoption to expand regulated access and long-term growth potential.
Despite sector volatility, Grayscale aims to capitalize on rising institutional demand, product innovation, and its scale advantages to drive future public-market performance.


Grayscale Investments (GRAY): Peeking at the IPO Prospectus of a Digital Asset Focused Platform

StubHub Holdings / Equity Capital Markets

<ul>
<li>The company priced a full-size offering of 34.04 million shares at $23.50, the midpoint of the $22–$25 range, raising more than $750 million.</li>
<li>Shares opened at $25.35, a 7.8% premium to the issue price, but that initial pop quickly evaporated. The stock closed its opening session at $22.00.</li>
<li>Over the next 30 days, we expect investors to remain cautious, with many likely trimming exposure until upcoming quarterly results offer greater clarity.</li>
</ul>


The company priced a full-size offering of 34.04 million shares at $23.50, the midpoint of the $22–$25 range, raising more than $750 million.
Shares opened at $25.35, a 7.8% premium to the issue price, but that initial pop quickly evaporated. The stock closed its opening session at $22.00.
Over the next 30 days, we expect investors to remain cautious, with many likely trimming exposure until upcoming quarterly results offer greater clarity.


StubHub Holdings (STUB): Strong Open, Quick Retreat as Debt and Flipping Pressure Loom

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Gemini Space Station (GEMI US)

Gemini (GEMI US): Limited Global & US Index Inclusion Due to Low Public Voting Rights

GEMI went public on Nasdaq on 12 Sep and has since dropped by ~20%. It is expected to be excluded from a major Global and US index due to...

Dimitris Ioannidis

Global Index IPO Forecasts - Feb26: InnoScience, Bloks, Verisure, ServiceTitan Among Candidates

Forecasted inclusions for the Feb26 Global Index review from IPOs within the past year include Verisure, ServiceTitan, InnoScience and Bloks.

Dimitris Ioannidis

BitGo Holdings, Inc.(BTGO): Digital Asset Company Sets Terms for IPO, Seeking $2.0b Valuation

BitGo resumes IPO plans, aiming for $1.7B–$2.0B valuation, offering 11.8M shares at $15–$17 to support growth and strategic investments.

IPO Boutique

Grayscale Investments (GRAY): Peeking at the IPO Prospectus of a Digital Asset Focused Platform

Grayscale plans for 2025 IPO as top U.S. digital-asset investment platform, targeting $4 trillion market with diversified ETPs and institutional...

IPO Boutique

StubHub Holdings (STUB): Strong Open, Quick Retreat as Debt and Flipping Pressure Loom

Company raises over $750 million in IPO, but stock price quickly drops after initial pop, leaving investors cautious for next 30 days.

IPO Boutique

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Gemini (GEMI US): Limited Global & US Index Inclusion Due to Low Public Voting Rights

GEMI went public on Nasdaq on 12 Sep and has since dropped by ~20%. It is expected to be excluded from a major Global and US index due to...

Dimitris Ioannidis

Global Index IPO Forecasts - Feb26: InnoScience, Bloks, Verisure, ServiceTitan Among Candidates

Forecasted inclusions for the Feb26 Global Index review from IPOs within the past year include Verisure, ServiceTitan, InnoScience and Bloks.

Dimitris Ioannidis

BitGo Holdings, Inc.(BTGO): Digital Asset Company Sets Terms for IPO, Seeking $2.0b Valuation

​BitGo resumes IPO plans, aiming for $1.7B–$2.0B valuation, offering 11.8M shares at $15–$17 to support growth and strategic investments.

IPO Boutique

Grayscale Investments (GRAY): Peeking at the IPO Prospectus of a Digital Asset Focused Platform

​Grayscale plans for 2025 IPO as top U.S. digital-asset investment platform, targeting $4 trillion market with diversified ETPs and institutional...

IPO Boutique

StubHub Holdings (STUB): Strong Open, Quick Retreat as Debt and Flipping Pressure Loom

​Company raises over $750 million in IPO, but stock price quickly drops after initial pop, leaving investors cautious for next 30 days.

IPO Boutique

BitGo resumes IPO plans, aiming for $1.7B–$2.0B valuation, offering 11.8M shares at $15–$17 to support growth and strategic investments.

Grayscale plans for 2025 IPO as top U.S. digital-asset investment platform, targeting $4 trillion market with diversified ETPs and institutional...

Company raises over $750 million in IPO, but stock price quickly drops after initial pop, leaving investors cautious for next 30 days.