Sharplink, Forward Industries Join Russell 2000 and 3000

FTSE Russell will add Ethereum treasury firm Sharplink and Solana-focused Forward Industries to the Russell 2000 and Russell 3000 as part of its semiannual reconstitution, with the changes taking effect on June 29.

Sharplink will join both indexes when the restructure becomes effective. The company holds 874,351 ETH, which it values at about $1.8 billion. Sharplink’s market capitalization was roughly $1.22 billion at the close Tuesday. Shares trading under the ticker SBET fell about 0.8% to $6.18 that day. CEO Joseph Chalom described the index entry as “a meaningful validation of Sharplink’s institutional-grade ETH treasury strategy,” and expects it to broaden the company’s shareholder base and strengthen access to capital markets.

Forward Industries, a medical design company that converted a large portion of its balance sheet into Solana, will also be added to the Russell 2000 and Russell 3000. The company purchased roughly $1.58 billion of SOL last year at an average price near $232 per token. With SOL trading around $83.78, Forward’s Solana holdings are now valued at about $588 million, compared with a market capitalization near $350 million. Forward’s SOL holdings are about 2.4 times the size of the smallest Russell 2000 member by market cap, based on company-cited index data. Shares trading under the ticker FWDI rose about 2.6% to $4.70 on Tuesday. Forward Industries CEO Ryan Navi wrote that index inclusion should “expand our shareholder base, improve trading liquidity, and increase visibility among long-term institutional investors.”

The inclusion of Sharplink and Forward follows other recent entries of crypto-backed companies in FTSE Russell indexes. BitMine Immersion Technologies is expected to join the Russell 1000 after the close on June 26. The Russell 1000 tracks the largest U.S. companies by market capitalization, while the Russell 2000 captures a segment of smaller-cap U.S. equities. FTSE Russell’s family of indexes underpins more than $12.2 trillion in benchmarks and investments.

Market values for the two companies differ from the reported valuations of their crypto holdings. Sharplink’s market capitalization remains below the value attributed to its ETH reserves. Forward shows large unrealized losses on its SOL purchases relative to the price at which it bought tokens, while its SOL holdings still exceed the company’s market value.

FTSE Russell conducts the semiannual reconstitution to reshuffle index constituents based on market-cap boundaries so the indexes reflect current company valuations.