SharpLink Gaming Joins Russell Indexes as Ethereum Treasury Strategy Gains Institutional Attention

SharpLink Gaming (NASDAQ: SBET), the Ethereum treasury company backed by Ethereum co-founder Joe Lubin, will officially join the Russell 2000 and Russell 3000 indexes later this month, a move that could attract increased institutional investment and boost trading activity.

The inclusion becomes effective after the market closes on June 29 as part of FTSE Russell’s annual index reconstitution process. The Russell indexes are among the most widely tracked benchmarks in U.S. equity markets, with nearly $12 trillion in assets benchmarked against them through passive and active investment strategies.

SharpLink’s addition to the Russell 2000 index is expected to increase visibility among institutional investors and index-tracking funds that follow small-cap U.S. stocks. The company said the milestone reinforces confidence in its Ethereum-focused treasury strategy and could improve long-term access to capital markets.

The company has become one of the largest publicly traded holders of Ethereum (ETH), following a corporate treasury model inspired by Strategy (MSTR), formerly MicroStrategy, which built a large bitcoin reserve. According to its latest quarterly earnings report, SharpLink held 872,984 ETH as of early May. At current market prices, the holdings are valued at approximately $1.8 billion.

SharpLink ranks as the second-largest public Ethereum treasury company behind Bitmine, which reportedly controls more than 5.4 million ETH. The company has not disclosed any additional Ethereum purchases since October.

SBET stock surged during the crypto treasury rally last year but has since fallen roughly 95% from its peak amid broader weakness in digital asset markets. Despite the decline, shares remain significantly above levels seen before the company shifted toward its Ethereum treasury strategy.

SharpLink CEO Joseph Chalom said the Russell index inclusion validates the firm’s “institutional-grade ETH treasury strategy” and strengthens its position in traditional financial markets.