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 Incorporated continues to maintain its position as the world’s largest corporate Bitcoin holder, currently holding approximately 818,334 bitcoins, representing about 3.9% of the total supply.</li><li>As of May 2026, this holding constitutes an estimated market value of $64 billion, with an average acquisition cost of roughly $76,000 per bitcoin.</li><li>The company’s market capitalization reached $62 billion, supported by a liquid balance sheet with $2.2 billion in cash and cash equivalents and long-term debt stable at $8.2 billion.</li></ul>

MicroStrategy Incorporated continues to maintain its position as the world’s largest corporate Bitcoin holder, currently holding approximately 818,334 bitcoins, representing about 3.9% of the total supply.As of May 2026, this holding constitutes an estimated market value of $64 billion, with an average acquisition cost of roughly $76,000 per bitcoin.The company’s market capitalization reached $62 billion, supported by a liquid balance sheet with $2.2 billion in cash and cash equivalents and long-term debt stable at $8.2 billion.

Can MicroStrategy Absorb Bitcoin Volatility With $2.2 Billion In Cash?

Credit

<ul><li>MicroStrategy Incorporated continues to position itself as a leading corporate Bitcoin treasury company with a substantial accumulation of Bitcoin, holding 713,502 Bitcoins at the end of 2025, representing approximately 3.4% of all Bitcoin projected to ever exist.</li><li>Over the year, the company acquired about 225,000 Bitcoin, increasing its holdings from 447,000 to over 672,000 from 2024 to 2025, with an average acquisition cost of approximately $76,000 per Bitcoin.</li><li>MicroStrategy’s strategy remains focused on systematically increasing Bitcoin per share and compounding long-term shareholder value, regardless of short-term price volatility.</li></ul>

MicroStrategy Incorporated continues to position itself as a leading corporate Bitcoin treasury company with a substantial accumulation of Bitcoin, holding 713,502 Bitcoins at the end of 2025, representing approximately 3.4% of all Bitcoin projected to ever exist.Over the year, the company acquired about 225,000 Bitcoin, increasing its holdings from 447,000 to over 672,000 from 2024 to 2025, with an average acquisition cost of approximately $76,000 per Bitcoin.MicroStrategy’s strategy remains focused on systematically increasing Bitcoin per share and compounding long-term shareholder value, regardless of short-term price volatility.

MicroStrategy: Reinventing Digital Credit Through STRC Stability and Yield Discipline!

<ul><li>Strategy moved higher after a Monday SEC filing showed the company bought another 3,015 Bitcoin for $204.1 million between Feb.</li><li>23 and March 1, paying roughly $67,700 per coin and lifting total holdings to 720,737 BTC at an average cost of about $75,985.</li><li>The disclosure landed as Bitcoin rebounded to around the high-$60,000s after a dip into the low-$60,000s, and it reinforced Michael Saylor’s message that the firm intends to keep accumulating through volatility.</li></ul>

Strategy moved higher after a Monday SEC filing showed the company bought another 3,015 Bitcoin for $204.1 million between Feb.23 and March 1, paying roughly $67,700 per coin and lifting total holdings to 720,737 BTC at an average cost of about $75,985.The disclosure landed as Bitcoin rebounded to around the high-$60,000s after a dip into the low-$60,000s, and it reinforced Michael Saylor’s message that the firm intends to keep accumulating through volatility.

Strategy Stock Jumps After Fresh Bitcoin Buy—Is The Flywheel Sustainable?

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

Interactive Brokers Group, Inc / Index Rebalance

<ul>
<li>The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.</li>
<li>In this insight, we take a look at the upcoming constituent changes in the run up to the September 2025 index rebal event.</li>
<li>We expect two regular changes in September 2025 - maybe $10bn a side. There are also a couple of live M&amp;A events which are likely to trigger intra-review index changes.</li>
</ul>


The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.
In this insight, we take a look at the upcoming constituent changes in the run up to the September 2025 index rebal event.
We expect two regular changes in September 2025 - maybe $10bn a side. There are also a couple of live M&amp;A events which are likely to trigger intra-review index changes.


[Quiddity Index] S&P500/400/600 Sep25 Rebal: Two Possible Changes, But One Iffy

US-EU Index Rebalances / Quantitative Researcher, ORTEX

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/palantir-technologies-inc" target="_blank" data-smartkarma-citation="entities:27728:1" rel="noopener">Palantir Technologies (PLTR US)</a> is anticipated to be the largest addition following its eligibility, which was secured through a listing transfer from NYSE to Nasdaq just before the cut-off date.</li>
<li>
<a href="https://www.smartkarma.com/entities/super-micro-computer-inc" target="_blank" data-smartkarma-citation="entities:7921:1" rel="noopener">Super Micro Computer (SMCI US)</a> is projected to exit the index despite its recent entry in July 2024, as it has ranked above the exit threshold of 125.</li>
<li>
<a href="https://www.smartkarma.com/entities/arm-holdings-inc" target="_blank" data-smartkarma-citation="entities:21816:1" rel="noopener">ARM Holdings (ARM US)</a> is <em>not </em>an expected deletion due to special ADR market cap treatment. <a href="https://www.smartkarma.com/entities/equinix-inc" target="_blank" data-smartkarma-citation="entities:17409:1" rel="noopener">Equinix Inc (EQIX US)</a> is <em>not </em>an expected addition because it is a REIT.</li>
</ul>



Palantir Technologies (PLTR US) is anticipated to be the largest addition following its eligibility, which was secured through a listing transfer from NYSE to Nasdaq just before the cut-off date.

Super Micro Computer (SMCI US) is projected to exit the index despite its recent entry in July 2024, as it has ranked above the exit threshold of 125.

ARM Holdings (ARM US) is not an expected deletion due to special ADR market cap treatment. Equinix Inc (EQIX US) is not an expected addition because it is a REIT.


Nasdaq100 December 2024 Forecast (Final): Palantir's Last-Minute Entry; Arm's Subtle Retention

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)

Can MicroStrategy Absorb Bitcoin Volatility With $2.2 Billion In Cash?

MicroStrategy Incorporated continues to maintain its position as the world’s largest corporate Bitcoin holder, currently holding approximately...

Baptista Research

MicroStrategy: Reinventing Digital Credit Through STRC Stability and Yield Discipline!

MicroStrategy Incorporated continues to position itself as a leading corporate Bitcoin treasury company with a substantial accumulation of...

Baptista Research

Strategy Stock Jumps After Fresh Bitcoin Buy—Is The Flywheel Sustainable?

Strategy moved higher after a Monday SEC filing showed the company bought another 3,015 Bitcoin for $204.1 million between Feb. 23 and March 1,...

Baptista Research

[Quiddity Index] S&P500/400/600 Sep25 Rebal: Two Possible Changes, But One Iffy

We expect IBKR and possibly APP to join the S&P500 in September. We expect two deletes. MSTR has moved to second place BUT it has issues which...

Travis Lundy

Nasdaq100 December 2024 Forecast (Final): Palantir's Last-Minute Entry; Arm's Subtle Retention

F1: 100%. All of the forecasts matched the index changes announced at the close of Friday 13 December. SMCI fell more than 11% in premarket trading...

Dimitris Ioannidis

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