Sharplink and Forward Industries, two companies that have amassed a combined $2.3 billion in crypto holdings through large ethereum and solana treasury strategies, will enter the Russell 2000 and Russell 3000 indexes on June 29. The inclusion marks a significant step for crypto treasury firms moving into mainstream institutional portfolios.
Index inclusion details
The Russell 2000 tracks small-cap stocks, while the Russell 3000 covers the broad U.S. equity market. Both indexes are widely used by index funds and ETFs. Being added on June 29 means Sharplink and Forward Industries will automatically be picked up by funds that track those benchmarks, giving them a base of passive institutional ownership they didn't have before.
Crypto treasury play
Sharplink and Forward Industries are built around large ethereum and solana treasury strategies. Their combined $2.3 billion in crypto holdings is unusually large relative to their market caps — most companies in the Russell indexes hold minimal digital assets. The inclusion suggests index compilers and fund managers are treating these firms as conventional equities despite their crypto-heavy balance sheets.
This isn't just a ticker change. For two companies whose value is tied to volatile crypto holdings, landing in the Russell indexes gives them a stamp of legitimacy that could attract a wider pool of institutional buyers. It also puts pressure on them to manage their treasuries transparently — index funds won't tolerate wild swings that aren't explained. The timing is interesting: crypto markets have been relatively stable this spring, but ethereum and solana remain prone to sharp moves.
Both companies will need to file updated disclosures with the SEC ahead of the rebalancing. Investors should watch for any material changes in their crypto positions between now and June 29.
