SharpLink Joins Russell 2000 and 3000 Indexes

SharpLink, an Ethereum treasury firm backed by co-founder Joe Lubin, will join the Russell 2000 and Russell 3000 indexes effective at the market open on June 29, 2026 [1, 2]. This inclusion follows FTSE Russell’s annual reconstitution, potentially forcing index-tracking funds to purchase shares to maintain their benchmarks [2, 3].

The company, which rebranded from SharpLink Gaming in February 2026, has positioned itself as an institutional-grade vehicle for holding and staking Ethereum [2, 3]. As of early May, the firm held approximately 873,000 ETH, valued at roughly $1.8 billion, making it the second-largest public holder of the asset [1, 3]. While the firm’s strategy mirrors the Bitcoin-focused approach of MicroStrategy, it distinguishes itself by generating yield through ETH staking [2, 3].

The move into the Russell indexes provides the company with broader institutional visibility, a goal CEO Joseph Chalom says will strengthen the firm's access to capital markets [1, 2]. However, the company’s stock has faced significant volatility, falling about 95% from its peak last May [1]. Despite this decline, the shares remain more than double their price from before the firm pivoted to its current Ethereum-focused business model [1].

The transition comes at a time when many other digital asset treasury firms have slowed or halted their crypto acquisitions due to market pullbacks [1]. SharpLink has not reported any new ETH purchases since October [1]. Beyond its treasury operations, the company is also participating in the DeFi United recovery effort, serving in an advisory capacity to help structure a plan for restoring rsETH backing following an April bridge incident [4].

Whether the index inclusion will provide a sustained boost to the company's market capitalization—currently around $1.23 billion—remains to be seen as the firm continues to navigate a strategy inherently tied to the price of Ethereum [2]. With roughly $12.2 trillion in assets benchmarked to the Russell indexes, the firm’s performance will now be more closely linked to the mandates of passive investment funds than ever before [3].