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Russell inclusion for Sharplink
Sharplink will join the Russell 2000 and Russell 3000 indexes effective at the US market open on June 29, 2026, following FTSE Russell’s annual rebalancing, the company said in a statement.
“"Joining the Russell 2000 and Russell 3000 is a meaningful validation of Sharplink's institutional-grade ETH treasury strategy”
The announcement comes as the firm positions itself as an Ethereum treasury platform, with Decrypt reporting that CEO Joseph Chalom said, "Joining the Russell 2000 and Russell 3000 is a meaningful validation of Sharplink's institutional-grade ETH treasury strategy."
Decrypt also said Sharplink holds 874,351 ETH valued around $1.8 billion, while crypto.news reported the company will join the indexes on June 29, 2026 and cited SharpLink’s Q1 2026 revenue of $12.1 million alongside a $685.6 million net loss tied mainly to Ethereum-related impairments.
In parallel, Decrypt reported that Forward Industries, a Solana-focused treasury firm, will also be reconstituted into the Russell 2000 and 3000 indexes on June 29, 2026, and it described Forward Industries as having purchased $1.58 billion worth of SOL last year at an average price of around $232 per SOL.
The same Decrypt account said Forward’s Solana holdings are now valued around $588 million, substantially more than its current market cap of $350 million, placing it about 2.4 times larger than the Russell 2000’s smallest market cap member, per the index fund’s website.
Crypto treasury shake-up
Beyond Sharplink and Forward Industries, Live Bitcoin News described a broader crypto treasury shake-up in which BitMine added 111,942 ETH and Strategy completed a repurchase of $1.5 billion in 2029 Convertible Notes.
Live Bitcoin News said BitMine held 5,390,404 ETH as of May 25, after adding 111,942 ETH from the prior week, and it reported that the company had staked 4,712,917 ETH.
The same Live Bitcoin News update said Strategy’s note repurchase bought the notes at an estimated 8% discount to par, lowering Strategy’s aggregate debt to $6.7 billion and generating an incremental 0.7% BTC Yield from the transaction.
It also said SharpLink’s index entry would take effect at the US market open on June 29, 2026, tying the Russell move to the ongoing activity of publicly traded crypto treasury companies.
In that context, Live Bitcoin News quoted Chairman Tom Lee commenting on ETH’s price move, saying ETH’s pullback below $2,200 is an “attractive opportunity.”
Numbers, losses, and stakes
The Russell inclusion narrative is paired with financial disclosures that show how closely these treasury strategies track crypto price moves, with crypto.news reporting SharpLink’s Q1 2026 revenue of $12.1 million and a $685.6 million net loss tied mainly to Ethereum-related impairments.
“SharpLink also expanded its Ethereum strategy through a proposed $125 million on-chain yield fund with Galaxy Digital”
crypto.news also said SharpLink expanded its Ethereum strategy through a proposed $125 million on-chain yield fund with Galaxy Digital, and it described the planned fund as including $100 million from SharpLink’s staked Ethereum treasury and $25 million from Galaxy.
In the same account, crypto.news reported that the agreement was non-binding at this stage and that Galaxy would serve as the investment manager for the proposed fund.
CoinDesk added that SharpLink CEO Joseph Chalom said the inclusion validates the company’s "institutional-grade ETH treasury strategy" and can strengthen the firm’s "access to capital markets," while it also said the firm held 872,984 ETH in early May and had not reported any ETH purchases since October.
CoinDesk further reported that SharpLink’s stock had fallen about 95% from its speculative frenzy peak last May, and it said the inclusion could open the stock to fresh institutional demand from index-tracking funds.