Sharplink and Forward Industries join Russell indexes, broadening crypto treasury exposure

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Sharplink, Forward in Russell indexes

Highlights

Sharplink and Forward Industries will join the Russell 2000 and Russell 3000 indexes after the June 29 rebalancing, expanding institutional exposure to non-bitcoin crypto treasury firms.
Sharplink holds 868,699 ETH valued at nearly $1.8 billion, while Forward Industries owns about $585 million in SOL, highlighting a shift toward diverse crypto treasury strategies.
With $12.2 trillion benchmarked to the Russell indexes, passive capital could flow into these companies, signaling greater mainstream acceptance of crypto asset treasuries.

Russell rebalancing adds crypto treasury companies

As reported by FTSE Russell data and company announcements, Sharplink and Forward Industries are set to join the Russell 2000 and Russell 3000 indexes following the index provider's annual rebalancing, effective at the U.S. market open on June 29.

Sharplink says the inclusion expands its institutional visibility and could improve access to index-tracking capital. The company holds 868,699 ETH valued at nearly $1.8 billion and remains the second-largest public ether treasury company behind Bitmine.

Forward Industries, which holds about $585 million in SOL, says the move supports its strategy of compounding SOL-per-share. The additions appear to mark the first entry of major non-bitcoin crypto treasury firms into the Russell indexes.

Institutional reach and market implications

FTSE Russell says approximately $12.2 trillion in investor assets are benchmarked to the Russell U.S. indexes, indicating the scale of passive and benchmark-linked capital that could now gain exposure to the two companies.

Sharplink also argues Ethereum's role in stablecoins, tokenization, onchain finance and the emerging agentic economy underpins its treasury strategy. Unlike many bitcoin treasury companies that mainly hold BTC passively, Sharplink also stakes and deploys ETH into onchain yield strategies to try to increase returns.

That positioning aligns with recent comments from Sharplink Chairman Joseph Lubin, who tells The Block that Ethereum is increasingly serving as infrastructure for traditional financial markets. He argues that equities, Treasurys and ETFs could eventually move onchain through tokenization.

CleanSpark’s recent rally drew attention to the company’s bullish technical setup as it strengthened its finance leadership to support capital markets activity and M&A during an expansion phase. Our earlier article highlighted CleanSpark’s push into AI and high-performance computing data centers alongside plans to scale its mining capacity, while also flagging overbought signals that could lead to short-term consolidation or pullbacks despite strong momentum.

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