Forward Industries, the largest corporate holder of Solana, and Sharplink, the second-largest Ethereum treasury company, will both be added to the Russell 2000 and Russell 3000 indexes effective June 29. The inclusion comes at a rough time for both firms: their crypto holdings are sitting on combined unrealized losses north of $1.7 billion.
A costly bet on Solana
Forward Industries holds 7,013,536 SOL, bought for over $1.5 billion. At current prices, that stack is worth roughly $586.4 million. Solana is down more than 65% since Forward began buying in September 2025. The company has slowed its accumulation but hasn't sold a single token. Its digital-asset strategy is backed by Galaxy Digital, Multicoin Capital, and Jump Crypto. Ryan Navi, Forward's CIO, issued a statement on the index inclusion but didn't address the losses directly.
Sharplink’s Ethereum headache
Sharplink holds 874,351 ETH, worth about $1.81 billion — but the company is down over $1.2 billion on its treasury reserves. That's a brutal mark for a firm that built its balance sheet around the second-largest cryptocurrency. CEO Joseph Chalom also put out a statement welcoming the Russell nod. Neither company has signaled a change in strategy.
Why the Russell inclusion matters
Being added to the Russell indexes means automatic buying from passive funds that track them. That's a liquidity win for both stocks, and it gives Forward and Sharplink a wider shareholder base. But it also puts a spotlight on their crypto exposure. Index investors who didn't know their new holding came with a Solana or Ethereum treasury might get a surprise when they read the filings.
No plans to sell
For now, Forward is holding. The firm hasn't sold any SOL despite the 65% drawdown. Sharplink is in the same boat with ETH. The question hanging over both is how long they can stomach the red ink — and whether the index inclusion gives them cover to hold longer or pressure to eventually cut losses. The Russell reconstitution takes effect at the close on June 29.
