Joe Lubin-backed Ethereum treasury firm set for June 29 inclusion
SharpLink Gaming, the Ethereum treasury firm backed by Ethereum co-founder Joe Lubin, will be added to the Russell 2000 and Russell 3000 indexes effective June 29, 2026, according to CoinDesk. The inclusion could expose the publicly traded company to fresh institutional demand from index-tracking funds managing $12 trillion in assets tied to Russell benchmarks.
SharpLink holds approximately 873,000 ETH, valued at roughly $1.8 billion at current prices, making it one of the largest public holders of ether. CEO Joseph Chalom described the company’s approach as an “institutional-grade ETH treasury strategy” and highlighted the benefits of “access to capital markets,” according to CoinDesk.
The Russell 2000 tracks small-cap U.S. stocks and is widely followed by passive and active investors. Index inclusion typically increases trading volumes and can broaden institutional ownership. SharpLink’s entry into these benchmarks marks a milestone for digital asset treasuries, a strategy that gained traction as companies adopted approaches modeled after MicroStrategy’s bitcoin accumulation model.
SharpLink’s stock has experienced significant volatility. The company’s shares fell 95 percent from their peak in May 2025 during a speculative rally in crypto treasury firms, though the stock remains more than double its level before the company pivoted to an Ethereum treasury strategy. On the day CoinDesk published its report in late May 2026, the stock declined 2 percent.
The company’s ETH holdings have stabilized in recent months. SharpLink reported 872,984 ETH in its latest quarterly earnings report in early May 2026. The company has not reported any new ETH purchases since October 2025, a departure from the aggressive accumulation that characterized the sector’s early phase.
Most digital asset treasuries have halted or pivoted to selling assets as stock prices fell and crypto markets pulled back. SharpLink’s continued hold strategy and now its Russell index inclusion position it differently from competitors that have retreated. Bitmine, another public ETH holder, maintains a larger stash at 5.4 million ETH, though SharpLink remains prominent among publicly traded Ethereum accumulators.
The June 29 effective date comes after market close, giving institutional index funds time to adjust their portfolios to reflect the new benchmark membership. For SharpLink, the inclusion represents validation of its treasury model by mainstream market infrastructure even as the broader crypto treasury sector has contracted.
