Crypto Treasury Firms SharpLink and Forward Enter Russell Index

Two public crypto treasury firms, SharpLink Gaming and Forward Industries, will be added to the Russell 2000 and Russell 3000 indexes on June 29, marking a significant milestone for institutional adoption of crypto-focused companies. The inclusion is part of FTSE Russell’s annual reconstitution process, which updates its equity benchmarks. Both firms will gain visibility in widely tracked U.S. indexes used by mutual funds, exchange-traded funds, and institutional investors, potentially driving passive fund demand. SharpLink Gaming holds approximately 874,351 ETH, valued at around $1.8 billion, despite a market capitalization of roughly $1.22 billion. The company’s CEO, Joseph Chalom, called the Russell inclusion a major step forward for its Ethereum treasury strategy, which is backed by Ethereum co-founder Joe Lubin. Forward Industries, which pivoted to a Solana-focused treasury, acquired $1.58 billion worth of SOL at an average price of $232 per token. Due to Solana’s price decline, its holdings are now valued at about $588 million, though the treasury remains larger than the company’s $350 million market cap. Chief Investment Officer Ryan Navi expects the index inclusion to improve trading activity and institutional recognition. Russell indexes manage over $12 trillion in assets through active and passive investment strategies. Inclusion in these benchmarks often triggers increased demand from index-tracking funds, potentially benefiting both companies’ stock liquidity and market presence.