Forward Industries Set to Join Russell 2000 as Solana Treasury Strategy Gains Index Visibility

TLDR

• Forward Industries is expected to join the Russell 2000 and Russell 3000 on June 29, 2026.
• The company said index inclusion may improve liquidity and expand its shareholder base.
• Forward positions itself as a public Solana treasury company focused on SOL-per-share growth.
• SharpLink is also set to join the Russell 2000 and Russell 3000 with major ETH holdings.
• Bitmine and Galaxy Digital are expected to join the Russell 1000 during the same reconstitution.

Forward Industries, Inc. is set to join the Russell 2000 Index and the broader Russell 3000 Index after the Russell U.S. indexes complete their semi-annual reconstitution. The Solana treasury company said its inclusion is expected to become effective after the U.S. market opens on June 29, 2026, according to a preliminary list of additions published by FTSE Russell on May 22.

Forward, which trades on Nasdaq under the ticker FWDI, described the expected index membership as a milestone for its Solana-focused treasury strategy. The Russell 3000 tracks the 3,000 largest U.S. stocks by market capitalization, while the Russell 2000 measures small-cap U.S. equities.

FTSE Russell determines index membership mainly through objective market-capitalization rankings and style characteristics. Companies included in the Russell 3000 are also placed into either the large-cap Russell 1000 or the small-cap Russell 2000.

Forward Industries Eyes Broader Investor Reach

Forward Chief Investment Officer Ryan Navi said inclusion in the Russell 2000 and Russell 3000 reinforces growing institutional recognition of the company’s strategy, scale and execution. He said the listing may expand Forward’s shareholder base, improve trading liquidity and raise visibility among long-term institutional investors.

Forward has positioned itself as a Solana treasury company, using its corporate structure to offer public equity exposure to SOL-focused treasury activity. The company said it remains focused on compounding SOL-per-share while building what it describes as an institutional platform for digital asset exposure.

Index inclusion can matter for public companies because many passive funds and exchange-traded funds track Russell benchmarks. When a company enters an index, funds that replicate that benchmark may need to add the stock to their portfolios. Active managers that use Russell indexes as references may also review the company more closely.

Crypto Treasury Firms Enter Russell Indexes

Forward’s expected addition comes as other digital asset treasury companies also move into Russell benchmarks. SharpLink Gaming is set to enter the Russell 2000 and Russell 3000 indexes on June 29, according to the information provided.

SharpLink holds about 873,000 ETH, valued near $1.8 billion based on the market figures cited. That makes it one of the largest public Ethereum holders, behind Bitmine Immersion Technologies.

Bitmine has also qualified for Russell 1000 inclusion, placing it in the large-cap index group. Galaxy Digital is also expected to join the Russell 1000. The large-cap benchmark includes major U.S. companies such as Nvidia, Microsoft and Apple.

Gemini and Forward Industries appeared on the preliminary eligibility roster, showing that crypto exchanges and treasury companies are gaining wider attention inside traditional equity index systems.

Solana and Ethereum Treasuries Gain Market Attention

The Russell additions reflect a broader shift in how public markets are classifying and tracking companies with large digital asset treasuries. Bitcoin treasury company Strategy became one of the best-known examples after entering major equity benchmarks, while newer public firms are now building similar models around Ethereum and Solana.

SharpLink CEO Joseph Chalom described the company’s Russell inclusion as support for its Ethereum treasury strategy. Forward used similar language around its Solana treasury model, emphasizing institutional visibility and liquidity.

The development comes during a mixed period for digital asset prices. Ethereum treasury firms have gained attention from Wall Street even as ETH remains below previous highs. Solana-focused companies are also seeking investor interest as public markets look for regulated vehicles tied to blockchain networks.

Russell reconstitution is watched closely by investors because it can shift trading volume around the effective date. The process captures eligible U.S. companies and ranks them based on market value as of the measurement date.

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