Sharplink, Galaxy Digital, Gemini on Russell preliminary list

FTSE Russell on Friday published a preliminary list of companies eligible for inclusion in the Russell 3000 index, naming Sharplink, Forward Industries, Galaxy Digital, Gemini and Bitmine Immersion Technologies among the candidates. The list identifies firms that meet the index provider’s minimum market-cap thresholds and will be updated before the indexes are reconstituted later this month.

The Russell 3000 tracks the 3,000 largest U.S. companies. FTSE Russell’s notice shows a minimum market-cap eligibility of $146.4 million for the Russell 3000. The provider will publish further updates on June 5, June 12 and June 18. Final changes will take effect after the U.S. market closes on June 26.

Sharplink, a treasury firm, has an estimated market value of about $1.2 billion and appears on the preliminary list, which places it in contention for the Russell 2000. Joseph Chalom, Sharplink’s CEO, wrote in a statement that inclusion would broaden the company’s shareholder base and strengthen access to capital markets.

Forward Industries, described as a Solana treasury company, has an estimated market capitalization near $350 million and is eligible for the Russell 2000. Ryan Navi, the firm’s chief investment officer, commented that index inclusion would expand the shareholder base, improve trading liquidity and increase visibility among long-term institutional investors.

Galaxy Digital’s market capitalization is estimated at about $11.55 billion, putting it above the implied Russell 1000 threshold and eligible for the larger-cap index. Gemini, the crypto exchange, shows an estimated market cap near $571 million, making it a candidate for the Russell 2000. Ether treasury company Bitmine Immersion Technologies has reportedly exceeded the Russell 1000’s minimum market-cap threshold of roughly $5.7 billion; analyst Tom Lee flagged Bitmine as a possible Russell 1000 inclusion.

Index inclusion triggers portfolio adjustments by many active and passive funds, including exchange-traded funds that track Russell benchmarks, because those funds rebalance to match the reconstituted indexes. Companies named on preliminary lists can be added or removed before the final reconstitution, and firms confirmed for inclusion will be reflected in index-tracking funds’ holdings after the June 26 market close.