Sharplink, Gemini Among Crypto Firms Eyed for Russell Indexes

A range of crypto companies appears in a preliminary list for the Russell 3000 index, including treasury firms Sharplink and Forward Industries, along with crypto exchange Gemini and crypto services firm Galaxy Digital. 

A preliminary index list for the Russell 3000 was published by the index’s provider, FTSE Russell, on Friday. The index tracks the 3,000 largest companies in the US and requires a market capitalization of at least $146.4 million.

Sharplink has a market cap of $1.2 billion, and the company’s CEO, Joseph Chalom, said in a statement on Tuesday that it means the firm could make the Russell 2000, an index that tracks the largest 2,000 publicly traded US companies.

Listing in the indexes is widely viewed as a boon for those added, as many active and passive funds, including exchange-traded funds, typically buy stocks from them.

Chalom said that joining the Russell indexes would broaden the company’s shareholder base and strengthen its access to capital markets.

Source: Joseph Chalom

Forward Industries’ chief investment officer, Ryan Navi, said the Solana treasury company is also eligible for the Russell 2000 Index, as its market cap sits at about $350 million.

“We believe index inclusion will expand our shareholder base, improve trading liquidity, and increase visibility among long-term institutional investors,” Navi said.

FTSE Russell will provide further list updates on June 5, June 12 and June 18. The newly reconstituted indexes will take effect after the US market closes on June 26.

Related: Bitcoin price lags bullish US tech stocks: Is there a silver lining?

Ether treasury company Bitmine Immersion Technologies was included in a preliminary list for potential inclusion in the Russell 3000 index. Chairman Tom Lee flagged possible inclusion in the Russell 1000, an index tracking the largest 1,000 US companies, due to Bitmine surpassing the index’s minimum market capitalization threshold of $5.7 billion.

Galaxy Digital’s market cap of $11.55 billion also makes it eligible for the Russell 1000, while Gemini’s estimated $571 million makes it eligible for the Russell 2000.

Being added to the Russell 1000 would place Galaxy and Bitmine alongside major US large-cap equities, including tech giants Nvidia, Microsoft, Apple, and Alphabet, the parent of Google.

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