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/robinhood-markets-inc" target="_blank" data-smartkarma-citation="entities:33532:1" rel="noopener">Robinhood Markets (HOOD US)</a> and <a href="https://www.smartkarma.com/entities/emcor-group-inc" target="_blank" data-smartkarma-citation="entities:20703:1" rel="noopener">Emcor Group Inc (EME US)</a> are the main candidates for addition due to consistently high eligibility scores.</li>
<li>
<a href="https://www.smartkarma.com/entities/microstrategy-inc-cl-a" target="_blank" data-smartkarma-citation="entities:14717:1" rel="noopener">Microstrategy Inc Cl A (MSTR US)</a> or <a href="https://www.smartkarma.com/entities/applovin-corp" target="_blank" data-smartkarma-citation="entities:32989:1" rel="noopener">AppLovin (APP US)</a> is forecasted to be the third addition, with sector balance acting as the limiting factor.</li>
<li>
<a href="https://www.smartkarma.com/entities/crh-plc-054117b2-cd70-470a-9efc-8f6fab2c83ec" target="_blank" data-smartkarma-citation="entities:28655:1" rel="noopener">CRH (CRH US)</a> recently regained eligibility following positive August earnings and could be a surprise addition if the tech sector is excluded.</li>
</ul>



Robinhood Markets (HOOD US) and Emcor Group Inc (EME US) are the main candidates for addition due to consistently high eligibility scores.

Microstrategy Inc Cl A (MSTR US) or AppLovin (APP US) is forecasted to be the third addition, with sector balance acting as the limiting factor.

CRH (CRH US) recently regained eligibility following positive August earnings and could be a surprise addition if the tech sector is excluded.


S&P500 September 2025 Final Forecast: HOOD, EME & 50/50 on MSTR/APP

APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/metaplanet-inc" target="_blank" data-smartkarma-citation="entities:2130:1" rel="noopener">Metaplanet (3350 JP)</a> is looking to raise around US$1bn from a primary placement.</li>
<li>The deal is a relatively small one, representing 4.4 days of the stock’s three month ADV, despite being 23.7% of total shares outstanding.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Metaplanet (3350 JP) is looking to raise around US$1bn from a primary placement.
The deal is a relatively small one, representing 4.4 days of the stock’s three month ADV, despite being 23.7% of total shares outstanding.
In this note, we will talk about the placement and run the deal through our ECM framework.


Metaplanet Placement: US$1bn Punt; Dependent on Bitcoin Performance

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>MicroStrategy's Q2 2025 earnings report and the prevailing strategic focus provide a comprehensive picture of the company's operations, financial outcomes, and the inherent risks and opportunities.</li><li>MicroStrategy's commitment to Bitcoin as a foundational component of its strategy is evident.</li><li>By Q2 2025, the company held 628,791 Bitcoins, comprising about 3% of the world's Bitcoin supply, which underscores its dominant position in the Bitcoin Treasury space.</li></ul>

MicroStrategy's Q2 2025 earnings report and the prevailing strategic focus provide a comprehensive picture of the company's operations, financial outcomes, and the inherent risks and opportunities.MicroStrategy's commitment to Bitcoin as a foundational component of its strategy is evident.By Q2 2025, the company held 628,791 Bitcoins, comprising about 3% of the world's Bitcoin supply, which underscores its dominant position in the Bitcoin Treasury space.

MicroStrategy’s Bitcoin-Backed Securities Promise High Yields–Can They Outshine Traditional Investments?

<ul>
<li>
<a href="https://www.smartkarma.com/entities/microstrategy-inc-cl-a" target="_blank" data-smartkarma-citation="entities:14717:1" rel="noopener">Microstrategy Inc Cl A (MSTR US)</a> became eligible for inclusion in S&amp;P500 following its quarterly earnings of $10bn on 31 July.</li>
<li>
<a href="https://www.smartkarma.com/entities/robinhood-markets-inc" target="_blank" data-smartkarma-citation="entities:33532:1" rel="noopener">Robinhood Markets (HOOD US)</a>, <a href="https://www.smartkarma.com/entities/microstrategy-inc-cl-a" target="_blank" data-smartkarma-citation="entities:14717:1" rel="noopener">Microstrategy Inc Cl A (MSTR US)</a>, and <a href="https://www.smartkarma.com/entities/applovin-corp" target="_blank" data-smartkarma-citation="entities:32989:1" rel="noopener">AppLovin (APP US)</a> are the main candidates for addition from TMI at the September 2025 review.</li>
<li>
<a href="https://www.smartkarma.com/entities/interactive-brokers-group-inc" target="_blank" data-smartkarma-citation="entities:13335:1" rel="noopener">Interactive Brokers Group, Inc (IBKR US)</a> and <a href="https://www.smartkarma.com/entities/emcor-group-inc" target="_blank" data-smartkarma-citation="entities:20703:1" rel="noopener">Emcor Group Inc (EME US)</a> are the main candidates for addition from MidCap at the September 2025 review.</li>
</ul>



Microstrategy Inc Cl A (MSTR US) became eligible for inclusion in S&amp;P500 following its quarterly earnings of $10bn on 31 July.

Robinhood Markets (HOOD US), Microstrategy Inc Cl A (MSTR US), and AppLovin (APP US) are the main candidates for addition from TMI at the September 2025 review.

Interactive Brokers Group, Inc (IBKR US) and Emcor Group Inc (EME US) are the main candidates for addition from MidCap at the September 2025 review.


S&P500 September 2025 Initial Forecast: MicroStrategy (MSTR) Emerges Post-Earnings

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Several Japanese companies jumped onto the OBaaBM/TABaaBM (Own/Talk-About-Bitcoin-as-a-Business Model) last fall to this spring as <a href="https://www.smartkarma.com/entities/microstrategy-inc-cl-a" target="_blank" data-smartkarma-citation="entities:14717:1" rel="noopener">Microstrategy Inc Cl A (MSTR US)</a> shares went up and bitcoin did too. </li>
<li>Yesterday, resin coating/injection molding product maker <a href="https://www.smartkarma.com/entities/ikuyo-co-ltd" target="_blank" data-smartkarma-citation="entities:6780:1" rel="noopener">Ikuyo Co Ltd (7273 JP)</a> announced an M&amp;A Policy, and a Shareholder Benefits Program where shareholders will "win" amounts of bitcoin by lottery.  </li>
<li>Ikuyo expects revenues +955% this year. Details are sparse. The shareholder structure has red flags. The CEO sold himself half the company in Feb for peanuts. Forewarned. But it's interesting.</li>
</ul>


Several Japanese companies jumped onto the OBaaBM/TABaaBM (Own/Talk-About-Bitcoin-as-a-Business Model) last fall to this spring as Microstrategy Inc Cl A (MSTR US) shares went up and bitcoin did too. 
Yesterday, resin coating/injection molding product maker Ikuyo Co Ltd (7273 JP) announced an M&amp;A Policy, and a Shareholder Benefits Program where shareholders will "win" amounts of bitcoin by lottery.  
Ikuyo expects revenues +955% this year. Details are sparse. The shareholder structure has red flags. The CEO sold himself half the company in Feb for peanuts. Forewarned. But it's interesting.


[Japan LolWut?] Ikuyo (7273) Says "Iku Yo!" - Bitcoin, M&A, Weirdness, More

United States

Strategy Inc operates a bitcoin treasury company. The Company offers an equity and fixed income instruments to provide investors varying degrees of economic exposure to bitcoin, as well as develops enterprise analytics software to explore improvement in bitcoin applications. Strategy serves customers worldwide.

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Strategy (MSTR US)

S&P500 September 2025 Final Forecast: HOOD, EME & 50/50 on MSTR/APP

HOOD and EME are the top candidates for addition with MSTR or APP forecasted as the third addition. CRH became eligible again following positive...

Dimitris Ioannidis

Metaplanet Placement: US$1bn Punt; Dependent on Bitcoin Performance

Metaplanet is looking to raise around US$1bn from a primary placement to purchase bitcoin. In this note, we will talk about the placement and run...

Nicholas Tan

MicroStrategy’s Bitcoin-Backed Securities Promise High Yields–Can They Outshine Traditional Investments?

MicroStrategy's Q2 2025 earnings report and the prevailing strategic focus provide a comprehensive picture of the company's operations, financial...

Baptista Research

S&P500 September 2025 Initial Forecast: MicroStrategy (MSTR) Emerges Post-Earnings

MSTR is now eligible for S&P500 inclusion after reporting $10bn in Q2 earnings on July 31, joining HOOD, IBKR, EME and APP among the top candidates...

Dimitris Ioannidis

[Japan LolWut?] Ikuyo (7273) Says "Iku Yo!" - Bitcoin, M&A, Weirdness, More

Ikuyo (7273) rallied after I wrote, briefly reaching ¥1,000+ but last Friday the stock fell very sharply when it they announced that the seller of...

Travis Lundy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

S&P500 September 2025 Final Forecast: HOOD, EME & 50/50 on MSTR/APP

​HOOD and EME are the top candidates for addition with MSTR or APP forecasted as the third addition. CRH became eligible again following positive...

Dimitris Ioannidis

Metaplanet Placement: US$1bn Punt; Dependent on Bitcoin Performance

Metaplanet is looking to raise around US$1bn from a primary placement to purchase bitcoin. In this note, we will talk about the placement and run...

Nicholas Tan

MicroStrategy’s Bitcoin-Backed Securities Promise High Yields–Can They Outshine Traditional Investments?

MicroStrategy's Q2 2025 earnings report and the prevailing strategic focus provide a comprehensive picture of the company's operations, financial...

Baptista Research

S&P500 September 2025 Initial Forecast: MicroStrategy (MSTR) Emerges Post-Earnings

MSTR is now eligible for S&P500 inclusion after reporting $10bn in Q2 earnings on July 31, joining HOOD, IBKR, EME and APP among the top candidates...

Dimitris Ioannidis

[Japan LolWut?] Ikuyo (7273) Says "Iku Yo!" - Bitcoin, M&A, Weirdness, More

Ikuyo (7273) rallied after I wrote, briefly reaching ¥1,000+ but last Friday the stock fell very sharply when it they announced that the seller of...

Travis Lundy

HOOD and EME are the top candidates for addition with MSTR or APP forecasted as the third addition. CRH became eligible again following positive...