--- title: "Crypto Treasury Firms SharpLink and Forward Enter Russell Index" date: 2026-05-27 author: "Kathleen Kinder" featured_image: "https://coinlaw.io/wp-content/uploads/2026/05/forward-and-sharplink-join-ftse-russell-2000-and-3000-index.jpg" categories: - name: "Cryptocurrency" url: "/crypto.md" tags: - name: "News" url: "/tag/news.md" --- # Crypto Treasury Firms SharpLink and Forward Enter Russell Index Public crypto treasury firms SharpLink Gaming and Forward Industries are set to join the Russell indexes later this month, a move that could increase institutional exposure to companies holding large crypto reserves. ## Key Takeaways - SharpLink Gaming and Forward Industries are expected to join the Russell 2000 and Russell 3000 indexes on June 29. - SharpLink currently holds nearly 874,000 ETH valued at around $1.8 billion, while Forward Industries maintains a large Solana treasury strategy. - Russell index inclusion could improve liquidity, institutional visibility, and passive fund inflows for both companies. - The move highlights how crypto treasury firms are becoming more integrated into traditional equity markets. ## What Happened? Crypto treasury companies are continuing to gain traction in traditional financial markets as **SharpLink Gaming** and **Forward Industries** prepare to join the **Russell 2000** and **Russell 3000** indexes later this month. The additions are part of the annual reconstitution process by **FTSE Russell**, with the changes scheduled to take effect after markets close on June 29. The inclusion places both firms inside some of the most widely tracked U.S. equity benchmarks used by institutional investors, mutual funds, and exchange traded funds. > LATEST: ⚡ SharpLink and Forward Industries will join the Russell 2000 and 3000 in late June, expanding index exposure to non-Bitcoin crypto treasury firms. [pic.twitter.com/isgTrk1Ge8](https://t.co/isgTrk1Ge8) > > — CoinMarketCap (@CoinMarketCap) [May 27, 2026](https://twitter.com/CoinMarketCap/status/2059452573195633014?ref_src=twsrc%5Etfw) ## SharpLink Gains Institutional Visibility SharpLink Gaming, which shifted its corporate strategy toward building an Ethereum treasury, has quickly become one of the largest public holders of ETH. According to company disclosures and recent earnings data, [SharpLink holds approximately **874,351 ETH**](https://coinlaw.io/sharplink-ethereum-3-5b-crypto-treasury/), valued at nearly **$1.8 billion** at current market prices. Despite the size of its crypto holdings, the company’s market capitalization remains lower at roughly **$1.22 billion**. The company’s CEO, **Joseph Chalom**, described the Russell inclusion as a major milestone for its crypto focused strategy. “ Joining the Russell 2000 and Russell 3000 is a meaningful validation of SharpLink’s institutional grade ETH treasury strategy, and we believe will broaden SBET’s shareholder base while strengthening our access to capital markets. Joseph ChalomCEO – Sharplink The company is backed by **Ethereum co-founder Joe Lubin**, adding further attention to its growing role in the public crypto treasury sector. SharpLink’s stock has experienced heavy volatility over the past year. Shares fell roughly **95% from their peak** during last year’s crypto treasury rally. However, the stock still trades significantly above levels seen before the company adopted its [Ethereum](https://coinlaw.io/polygon-vs-ethereum-statistics/) treasury model. ## Forward Industries Pushes Solana Strategy Forward Industries is also preparing to enter the Russell indexes after pivoting from its previous medical design business into a crypto treasury model centered around **[Solana](https://coinlaw.io/solana-statistics/)**. The company reportedly acquired approximately **$1.58 billion worth of SOL** at an average purchase price near **$232 per token**. Since then, Solana’s market value has declined sharply, with the token recently trading near **$83.78**. That drop has reduced the value of Forward’s SOL holdings to around **$588 million**. Even after the decline, the treasury remains substantially larger than the company’s market capitalization of approximately **$350 million**. Chief Investment Officer **Ryan Navi** said the company expects the index inclusion to improve trading activity and institutional recognition. “ We believe index inclusion will expand our shareholder base, improve trading liquidity, and increase visibility among long term institutional investors. Ryan NaviChief Investment Officer – Forward Industries ## Russell Inclusion Could Bring Passive Fund Demand Russell indexes are among the most influential benchmarks in U.S. equity markets. According to FTSE Russell, more than **$12 trillion** in assets are tied to Russell indexes through active and passive investment strategies. Inclusion in these benchmarks often leads to increased demand from index tracking funds and institutional investors that automatically allocate capital to companies listed within the indexes. The latest preliminary Russell list also included several other crypto related firms such as **[Galaxy Digital](https://coinlaw.io/galaxy-digital-statistics/)**, **Gemini**, and **Bitmine Immersion Technologies**. Bitmine, another Ethereum treasury company, is expected to qualify for the **Russell 1000**, which tracks the largest publicly traded U.S. companies by market value. The company reportedly [holds over **5.4 million ETH**](https://coinlaw.io/bitmine-expands-ethereum-treasury-111942-eth/), making it the largest public Ethereum treasury firm. The growing presence of crypto treasury companies inside major stock indexes signals a broader shift in how traditional financial markets are treating digital asset exposure. ## CoinLaw’s Takeaway I think this marks an important turning point for crypto treasury companies. In my experience, institutional investors often wait for benchmark validation before taking smaller or unconventional firms seriously. Russell inclusion gives these companies visibility that many crypto native businesses struggled to achieve in previous market cycles. I also found it interesting that both SharpLink and Forward are trading below the value of their crypto holdings. That gap shows investors are still uncertain about how to value treasury based business models. Even so, entry into major indexes could slowly change market perception and bring more stable long term capital into the sector.