Under The Radar 345 | Bitcoin Mining providers, SGI, ITG

Research evidence excerpt

Under The Radar 345 | Bitcoin Mining providers, SGI, ITG

Update

July 31, 2026 04:30 AM GMT

Morgan Stanley & Co. LLCMPodcast | North America Stephen C Byrd

Equity Analyst

Under The Radar 345 | Bitcoin Stephen.Byrd@morganstanley.comPedro Gil, CFA +1 212 761-3865

Pedro.Gil@morganstanley.com +1 212 761-2022

Mining providers, SGI, ITG Angel Castillo

Angel.Castillo@morganstanley.com +1 212 761-1931

Stephen Byrd initiates Overweight coverage on Bitcoin mining Stefan Diaz, CFA

providers, while Pedro Gil launches coverage on Somnigroup for EquityStefan.Diaz@morganstanley.comAnalyst +1 212 761-1834

its market leadership and portfolio strength. Angel Castillo

initiates Overweight coverage on ITG, citing compelling upside

potential.

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Pavle Knezevic is a member of Morgan Stanley’s Institutional Equity Division and is

not a member of Morgan Stanley’s Research Department. Unless otherwise indicated,

his views are his own and may differ from the views of the Morgan Stanley Research

Department and from the views of others within Morgan Stanley.

Digital assets, sometimes known as cryptocurrency, are a digital representation of a

value that function as a medium of exchange, a unit of account, or a store of value,

but generally do not have legal tender status. Digital assets have no intrinsic value

and there is no investment underlying digital assets. The value of digital assets is

derived by market forces of supply and demand, and is therefore more volatile than

traditional currencies’ value. Investing in digital assets is risky, and transacting in

digital assets carries various risks, including but not limited to fraud, theft, market

volatility, market manipulation, and cybersecurity failures—such as the risk of Morgan Stanley does and seeks to do business with