Sharplink and Forward selected for the Russell Index — Ethereum and Solana take the big stage on U.S. equities

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Cryptocurrency is gradually penetrating traditional financial markets. Sharplink and Forward Industries, two US-listed companies pursuing ether and Solana (SOL) treasury reserve strategies, have officially been included in the renowned US Russell Indexes. This means that large funds and institutional investors tracking the related indexes will indirectly hold exposure to ether and SOL going forward. Sharplink and Forward Industries announced on Tuesday that, as FTSE Russell completes its annual weighting adjustments, both companies will be simultaneously added as constituents of the "Russell 2000 Index" and the "Russell 3000 Index." The adjustment will officially take effect at the US market open on June 29. As the second-largest ether-holding company on the US stock market after Bitmine, Sharplink noted that joining the Russell Indexes will not only significantly boost the company's visibility in the institutional market, but is also expected to attract passive buying from index funds. Currently, Sharplink holds a total of 868,699 ether, valued at nearly USD 1.8 billion. On the other hand, as the listed company with the largest Solana (SOL) holdings globally, Forward Industries holds approximately USD 585 million worth of SOL tokens on its books. Company executives are optimistic that being selected for the index will serve as a major positive, helping to realize the company's strategic goal of "increasing SOL net asset value per share." This inclusion holds particular historical significance, as it marks the first time the Russell Indexes have added altcoin treasury reserve companies as constituents. According to data released by FTSE Russell earlier this month, approximately USD 12.2 trillion in assets globally are directly linked to the Russell US series indexes, meaning massive amounts of capital will gain indirect exposure to ether and SOL. In its statement, Sharplink highlighted that ether is playing an increasingly pivotal role in stablecoins, asset tokenization, on-chain finance, and the emerging agentic AI economy — which is precisely the core driver behind the company's firm commitment to ether. Notably, unlike most companies that merely "passively hold" Bitcoin, Sharplink has adopted a more flexible asset activation strategy. They deploy their ether into staking and various on-chain yield strategies to amplify asset returns. Sharplink Chairman Joseph Lubin recently emphasized that ether is rapidly transforming into the infrastructure of traditional financial markets; looking ahead, stocks, US Treasuries, and ETFs all have a strong probability of ultimately migrating to blockchain-based trading through tokenization technology. However, despite the favorable news of index inclusion on the fundamental front, the two companies' performance in capital markets has yet to show improvement, currently hovering around USD 6.15, near a one-year low. Forward Industries finds itself in equally difficult straits, with its share price currently around USD 4.75. Compared to the USD 39 high set last September when it first announced its pivot to accumulating Solana, the stock has plunged more than 87%. This undoubtedly sounds an alarm for investors: despite the substantial cryptocurrency backing on corporate balance sheets, the market still maintains an extremely cautious risk pricing stance on valuations for such listed companies heavily tied to a single token.

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