Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

<ul>
<li>On 27 August, <a href="https://www.smartkarma.com/entities/metaplanet-inc" target="_blank" data-smartkarma-citation="entities:2130:1" rel="noopener">Metaplanet (3350 JP)</a> announced a large overseas offering in line with a pause in the 20th Warrant Issuance program it had outstanding. The goal? Buy more bitcoin.</li>
<li>Shares had been ¥890 on the 27th, trading higher through the 29th. The offering priced at ¥553. Down 38%. Ouch. But it meant index upweight due to higher share count.</li>
<li>Friday post-close, global index provider M _ _ _ announced a consultation on digital asset treasury companies, suspending the upweight for Metaplanet. Watch out MSTR!</li>
</ul>


On 27 August, Metaplanet (3350 JP) announced a large overseas offering in line with a pause in the 20th Warrant Issuance program it had outstanding. The goal? Buy more bitcoin.
Shares had been ¥890 on the 27th, trading higher through the 29th. The offering priced at ¥553. Down 38%. Ouch. But it meant index upweight due to higher share count.
Friday post-close, global index provider M _ _ _ announced a consultation on digital asset treasury companies, suspending the upweight for Metaplanet. Watch out MSTR!


[Quiddity Index] Index Consultation on Digital Asset Treasury Cos. The 'Tutes Are Leaving?

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

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Marathon Digital Holdings / Index Rebalance

<ul>
<li>Following <a href="https://www.smartkarma.com/entities/exxon-mobil-corp" target="_blank" data-smartkarma-citation="entities:811:1" rel="noopener">Exxon Mobil (XOM US)</a>'s acquisition of <a href="https://www.smartkarma.com/entities/pioneer-natural-resources" target="_blank" data-smartkarma-citation="entities:10341:1" rel="noopener">Pioneer Natural Resources (PXD)</a>, <a href="https://www.smartkarma.com/entities/vistra-corp" target="_blank" data-smartkarma-citation="entities:27958:1" rel="noopener">Vistra (VST US)</a> will be added to the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 INDEX (SPX INDEX)</a> at the close on 7 May.</li>
<li>
<a href="https://www.smartkarma.com/entities/marathon-digital-holdings-inc" target="_blank" data-smartkarma-citation="entities:33244:1" rel="noopener">Marathon Digital Holdings (MARA US)</a> is an add to the S&amp;P SmallCap 600 Index and the stock could move higher till implementation.</li>
<li>
<a href="https://www.smartkarma.com/entities/marathon-digital-holdings-inc" target="_blank" data-smartkarma-citation="entities:33244:1" rel="noopener">Marathon Digital Holdings (MARA US)</a> stock has underperformed its close peers this year and the ratio of <a href="https://www.smartkarma.com/entities/marathon-digital-holdings-inc" target="_blank" data-smartkarma-citation="entities:33244:1" rel="noopener">Marathon Digital Holdings</a> stock price to <a href="https://www.smartkarma.com/entities/bitcoin-usd" target="_blank" data-smartkarma-citation="entities:25895:1" rel="noopener">Bitcoin (XBTUSD CURNCY)</a> is near the lows.</li>
</ul>


Following Exxon Mobil (XOM US)'s acquisition of Pioneer Natural Resources (PXD), Vistra (VST US) will be added to the S&amp;P 500 INDEX (SPX INDEX) at the close on 7 May.

Marathon Digital Holdings (MARA US) is an add to the S&amp;P SmallCap 600 Index and the stock could move higher till implementation.

Marathon Digital Holdings (MARA US) stock has underperformed its close peers this year and the ratio of Marathon Digital Holdings stock price to Bitcoin (XBTUSD CURNCY) is near the lows.


S&P500 Index Rebalance: Bitcoin Miner Is a SPCY Add

Metals, Ores, and Mining Firms, Mint Finance

Pranay Yadav

Metals, Ores, and Mining Firms

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Cross Asset Strategy

<ul>
<li>BTC's phenomenal +57% surge since September is propelled by key forces—ETF euphoria, a robust "Risk On" asset bull run, regulatory clarity, and the imminent BTC halving.</li>
<li>While BTC maintains resilience, mining firms, exemplified by Valkyrie Bitcoin Miners ETF (WGMI), have seen a 30% underperformance over the last 3 months.</li>
<li>Mining firms that have scaled up hash-rate over the past year and built up BTC holdings to support outperformance to BTC. However, ample cash reserves are vital.</li>
</ul>


BTC's phenomenal +57% surge since September is propelled by key forces—ETF euphoria, a robust "Risk On" asset bull run, regulatory clarity, and the imminent BTC halving.
While BTC maintains resilience, mining firms, exemplified by Valkyrie Bitcoin Miners ETF (WGMI), have seen a 30% underperformance over the last 3 months.
Mining firms that have scaled up hash-rate over the past year and built up BTC holdings to support outperformance to BTC. However, ample cash reserves are vital.


In A Bitcoin Frenzy; Long BTC Miners & Short BTC

Global Commodities, Mint Finance

Srinidhi Raghavendra

Global Commodities

Macroeconomics

<ul>
<li>Continued central bank buying, geopolitics, and de-dollarisation concerns have kept gold prices buoyant over the last two years.</li>
<li>Gold has been at record high in non-USD terms for some time now. On 4th Nov, it rallied to an all-time high of USD 2,135 per troy ounce.</li>
<li>Not just gold, but digital gold ("bitcoin") also rallied to its highest in 20 months as excitement of rate cuts captured the zeitgeist of investors.</li>
</ul>


Continued central bank buying, geopolitics, and de-dollarisation concerns have kept gold prices buoyant over the last two years.
Gold has been at record high in non-USD terms for some time now. On 4th Nov, it rallied to an all-time high of USD 2,135 per troy ounce.
Not just gold, but digital gold ("bitcoin") also rallied to its highest in 20 months as excitement of rate cuts captured the zeitgeist of investors.


Gold Soars to Record High on Rising Rate Cut Expectations

United States

Riot Blockchain Inc operates as a digital currency company. The company focuses on buying cryptocurrency and blockchain businesses, as well as supports blockchain technology companies. Riot Blockchain serves customers worldiwde.

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

Riot Blockchain (RIOT US)

[Quiddity Index] Index Consultation on Digital Asset Treasury Cos. The 'Tutes Are Leaving?

Metaplanet issued stock. It priced. Normally it goes into indices. Global Index Provider M _ _ _ has decided to do a consultation instead. That's...

Travis Lundy

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

S&P500 Index Rebalance: Bitcoin Miner Is a SPCY Add

ExxonMobil's acquisition will lead to Vistra being added to the SPX. Marathon Digital is an inclusion to the SmallCap 600 index and there could be...

Brian Freitas

In A Bitcoin Frenzy; Long BTC Miners & Short BTC

BTC's recent surge is driven by ETF excitement, a bullish market, regulatory clarity, and the upcoming halving. Mining firms have underperformed...

Mint Finance

Gold Soars to Record High on Rising Rate Cut Expectations

Gold prices are inversely related to interest rates. Gold is a non-yielding asset. When rates rise, deposits are attractive relative to gold. With...

Mint Finance

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[Quiddity Index] Index Consultation on Digital Asset Treasury Cos. The 'Tutes Are Leaving?

Metaplanet issued stock. It priced. Normally it goes into indices. Global Index Provider M _ _ _ has decided to do a consultation instead. That's...

Travis Lundy

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

S&P500 Index Rebalance: Bitcoin Miner Is a SPCY Add

ExxonMobil's acquisition will lead to Vistra being added to the SPX. Marathon Digital is an inclusion to the SmallCap 600 index and there could be...

Brian Freitas

In A Bitcoin Frenzy; Long BTC Miners & Short BTC

​BTC's recent surge is driven by ETF excitement, a bullish market, regulatory clarity, and the upcoming halving. Mining firms have underperformed...

Mint Finance

Gold Soars to Record High on Rising Rate Cut Expectations

Gold prices are inversely related to interest rates. Gold is a non-yielding asset. When rates rise, deposits are attractive relative to gold. With...

Mint Finance

BTC's recent surge is driven by ETF excitement, a bullish market, regulatory clarity, and the upcoming halving. Mining firms have underperformed...