Crypto Firms SharpLink, Bitmine, and Galaxy Digital Set to Join Russell Indexes

TLDR

• SharpLink Gaming will join the Russell 2000 and Russell 3000 indexes effective June 29
• SharpLink holds nearly 873,000 ETH worth roughly $1.8 billion, making it the second-largest public ETH holder
• Bitmine and Galaxy Digital are eligible for the Russell 1000, which includes Nvidia, Microsoft, and Apple
• Forward Industries and Gemini are also on the preliminary inclusion list
• Index inclusion could bring fresh institutional investment but SharpLink’s stock is still down 95% from its peak

Several crypto-focused companies are set to join major U.S. stock indexes this summer, a move that could bring new institutional investors into the sector.

SharpLink Gaming, an Ethereum treasury firm backed by Ethereum co-founder Joe Lubin, will join the Russell 2000 and Russell 3000 indexes on June 29. The addition comes as part of FTSE Russell’s annual index reconstitution.

Sharplink, Inc., SBET

The Russell indexes are widely followed benchmarks for U.S. equities. Roughly $12 trillion in assets are tied to them through passive and active investment strategies.

Being added to the Russell 2000, which tracks small-cap U.S. stocks, can increase a company’s trading volume and draw in more institutional investors through index-tracking funds.

SharpLink holds 872,984 ETH as of its most recent quarterly earnings report. At current prices, that holding is worth roughly $1.8 billion, making SharpLink the second-largest public holder of Ether behind Bitmine.

The company has not reported any new ETH purchases since October. SharpLink CEO Joseph Chalom said the index inclusion validates the firm’s “institutional-grade ETH treasury strategy.”

SharpLink’s stock has fallen about 95% from its peak last May, when investor interest in crypto treasury firms surged. The stock is still more than double what it was before the company shifted to an Ethereum treasury model.

Other Crypto Firms Also in Line

SharpLink is not alone. A preliminary list published by FTSE Russell includes several other crypto companies being considered for the Russell 3000.

Forward Industries, a Solana treasury firm, is also eligible for the Russell 2000. Its market cap sits at around $350 million. Chief investment officer Ryan Navi said inclusion would improve liquidity and visibility with long-term investors.

Crypto exchange Gemini and crypto services firm Galaxy Digital are also on the preliminary list. Gemini’s estimated market cap of $571 million puts it in line for the Russell 2000.

Bitmine and Galaxy Eye Russell 1000 Spot

Bitmine and Galaxy Digital may qualify for the Russell 1000, which tracks the 1,000 largest U.S. companies.

Bitmine’s market cap has surpassed the Russell 1000’s minimum threshold of $5.7 billion. Galaxy Digital’s market cap stands at $11.55 billion.

Joining the Russell 1000 would place these crypto firms alongside Nvidia, Microsoft, Apple, and Alphabet.

FTSE Russell will release further updates on June 5, June 12, and June 18. The reconstituted indexes take effect after U.S. markets close on June 26.

The Russell 3000 requires a minimum market cap of $146.4 million to qualify for inclusion.

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