Ethereum · Strategy · BitMine Immersion Technologies · CoinDesk
Joe Lubin-backed Ethereum treasury firm SharpLink to join the Russel indexes
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SharpLink Gaming (SBET), the Ethereum treasury backed by Ethereum co-founder Joe Lubin, is joining the Russell 2000 and Russell 3000 indexes later this month, potentially opening the stock to fresh institutional demand from index-tracking funds.
Key facts
- The firm held 872,984 ETH in early May, according to its latest quarterly earnings report, making it the second-largest public ETH treasury, trailing Bitmine's 5.4 million ETH stash
- SharpLink Gaming (SBET), the Ethereum treasury backed by Ethereum co-founder Joe Lubin, is joining the Russell 2000 and Russell 3000 indexes later this month, potentially opening the stock to fresh
- The inclusion will take effect after markets close on June 29 as part of FTSE Russell’s annual index reconstitution, the company said Tuesday
- The stock is down about 2% on Tuesday, similar to ETH's price
Summary
SharpLink will join the Russell 2000 and Russell 3000 indexes effective June 29. The company held nearly 873,000 ETH, worth roughly $1.8 billion at current prices. The inclusion comes as many digital asset treasury firms have slowed or halted crypto purchases. The inclusion will take effect after markets close on June 29 as part of FTSE Russell’s annual index reconstitution, the company said Tuesday.