BitMine Immersion Technologies · Ethereum · U.S. Treasury · U.S. · Decrypt
Ethereum, Solana treasury firms Sharplink and Forward join Russell indexes
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Publicly traded Ethereum treasury firm Sharplink will join the Russell 2000 and 3000 indexes when their semiannual restructure goes into effect on June 29, the firm announced on Tuesday.
Key facts
- The firm, which holds 874,351 ETH valued around $1.8 billion, is currently trading at a discount to its Ethereum holdings with a market cap of around $1.22 billion as of the end of the trading day
- The medical design firm turned Solana accumulator purchased $1.58 billion worth of SOL last year at an average price of around $232 per SOL
- As a result, its Solana holdings are now valued around $588 million, substantially more than its current market cap of $350 million
- Joining the Russell 2000 and Russell 3000 is a meaningful validation of Sharplink's institutional-grade ETH treasury strategy and they believe will broaden SBET's shareholder base while strengthening
Summary
Ethereum treasury firm Sharplink and Solana treasury Forward Industries will be included in the Russell 3000 and 2000 indexes. The firms join BitMine Immersion Technologies as the latest crypto treasuries to be included with the reconstitution of indexes. Shares in Sharplink dipped on Tuesday, while FWDI shares saw a small bump. The firm’s index inclusion follows that of peer and rival Ethereum treasury firm BitMine Immersion Technologies, which will also be included in the Russell 1000 index —which tracks America’s top 1,000 companies by market cap.