Two U.S.-listed companies that hold Ethereum and Solana as core assets were placed on a preliminary list for inclusion in the Russell indexes.

CoinPost, a blockchain media outlet, reported on May 27 that Sharplink, an Ethereum treasury company, and Forward Industries, a Solana treasury company, are set to be included in the Russell 2000 and Russell 3000 indexes as of June 29.

The Russell 3000 is a broad benchmark index made up of the top 3,000 U.S. stocks by market capitalisation. The bottom 2,000 of those are included in the Russell 2000, which is used as a small-cap benchmark. FTSE Russell estimates assets tracking the Russell U.S. indexes total about $12.2 trillion. As a result, inclusion is seen as a factor that can directly affect flows from index funds and actively managed money.

Among the companies set for inclusion, Sharplink currently holds 868,699 ETH, worth about $1.8 billion. The company has the second-largest Ethereum treasury among listed firms, after BitMine Immersion Technologies. Forward Industries ranks first among listed companies by Solana treasury holdings, which were presented at about $585 million.

The market views this as the first case in which crypto treasury companies centred on cryptocurrencies other than bitcoin were placed on a Russell index preliminary list at the same time. BitMine Immersion Technologies, the listed company with the largest Ethereum holdings, is also included on the preliminary list for the Russell 1000. Tom Lee (톰 리), chairman of BitMine, wrote in a post on X, formerly Twitter, that the company’s market capitalisation exceeds $5.7 billion, the minimum threshold for inclusion in the Russell 1000.

Lee said passive funds and exchange-traded funds that track the Russell indexes tend to hold 20 to 25 percent of the market capitalisation of included stocks, and that if inclusion takes place, buying demand worth several billion dollars could emerge. That means Russell index inclusion goes beyond symbolism and is linked to the possibility of actual inflows.

The companies also see index inclusion as helping to broaden their investor base. Joseph Chalom (조셉 샬롬), chief executive officer of Sharplink, said of inclusion in the Russell 2000 and Russell 3000, "This shows the validity of an Ethereum treasury strategy for institutional investors," adding that he expects it to lead to a broader shareholder base and improved access to capital markets.

Forward Industries also highlighted improved liquidity and visibility. Chief investment officer Ryan Naby (라이언 나비) said, "We expect inclusion to expand our shareholder base, improve liquidity, and increase recognition among long-term institutional investors." The company has Galaxy Digital and Jump Crypto as major investors, and shifted to a Solana treasury strategy after a private placement in September 2025.

In this context, past cases of Russell index inclusion are also drawing fresh attention. Strategy, led by Michael Saylor, is already included in the Russell indexes as a software company, and moved to the Russell 1000 in 2024 when the bitcoin price exceeded $100,000.

Sharplink, Forward Industries and BitMine Immersion Technologies plan to continue their respective ETH and SOL treasury strategies. That has focused attention on whether inclusion in the Russell indexes will serve as an opportunity to broaden the range of crypto treasury companies entering capital markets from bitcoin to Ethereum and Solana.

We are proud to share that @Sharplink $SBET will join the Russell 2000 and Russell 3000 Indexes. Inclusion takes effect when the US market opens on June 29, 2026, at the conclusion of the Russell semi-annual reconstitution. A milestone moment for our team and our shareholders. pic.twitter.com/7hZnO8QwUW