Hassan Maishera
TL;DR
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Index investors will soon get indirect exposure to Ethereum and Solana through two companies joining the Russell indexes.
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The inclusion marks a notable step in bringing non-bitcoin crypto treasury strategies closer to mainstream index-tracking capital.
Index investors are set to gain indirect exposure to Ethereum and Solana as two crypto-focused treasury companies prepare to join major U.S. equity benchmarks following FTSE Russell’s annual rebalancing.
The inclusion marks a notable step in bringing non-bitcoin crypto treasury strategies closer to mainstream index-tracking capital.
Sharplink and Forward Industries Enter Russell 2000 and 3000
Sharplink and Forward Industries confirmed on Tuesday that they will be added to the Russell 2000 and Russell 3000, with changes taking effect at the U.S. market open on June 29.
The additions come as part of FTSE Russell’s annual index reconstitution and are expected to expand passive investor exposure to companies with crypto treasury strategies.
Sharplink, currently the second-largest public ether treasury company after Tom Lee’s BitMine, said its inclusion enhances “institutional visibility” and could improve access to index-tracking capital.
The company holds approximately 868,699 ETH, valued at nearly $1.8 billion. Beyond simply holding assets, Sharplink actively stakes and deploys ETH into onchain yield strategies.
Chairman Joseph Lubin has also argued that traditional assets such as equities, Treasurys, and ETFs may eventually migrate onchain through tokenization, reinforcing the company’s long-term thesis.
Despite the strategic positioning, Sharplink’s stock remains under pressure, trading near a one-year low of $6.15.
Forward Industries, meanwhile, is the largest public holder of Solana, with roughly $585 million in SOL on its balance sheet.
The company said inclusion in the Russell indexes supports its broader goal of “compounding SOL-per-share,” reinforcing its long-term accumulation strategy.
However, its equity performance has weakened significantly. Forward Industries shares are currently trading around $4.75, representing an 87% decline from their highs of $39 last September, shortly after announcing its Solana treasury pivot.
Growing Influence of Crypto Treasury Companies in Equity Indexes
According to FTSE Russell data, roughly $12.2 trillion in assets are benchmarked to its U.S. indexes, meaning even small index inclusions can meaningfully expand investor exposure.
This development also signals a broader trend: crypto treasury companies are increasingly being absorbed into traditional equity benchmarks, creating indirect crypto exposure for passive index investors without direct digital asset ownership.
This latest development comes after companies like Strategy, which transitioned from a software firm into a leveraged bitcoin proxy, were added to the Russell 1000 amid Bitcoin’s surge past $100,000.
Unlike Bitcoin-focused treasury firms, Sharplink differentiates itself by actively deploying ETH into yield-generating onchain strategies rather than passively holding assets.
