Forward Industries, the largest corporate holder of Solana (SOL), has been included in the Russell 2000 and Russell 3000 indexes following the semi-annual reconstitution, marking a shift toward institutional recognition of digital-asset treasury strategies.
The inclusion becomes effective on June 29, 2026. Forward Industries holds 7,013,536 SOL tokens as of March 2026, accumulated at a cost of $1.5 billion. The tokens are currently valued at $586.4 million, reflecting a 65% decline in SOL spot price since the company began buying in September 2025.
Ryan Navi, chief investment officer at Forward Industries, said the milestone signals institutional validation. “Inclusion in the Russell 2000 and Russell 3000 marks an important milestone for Forward and reinforces the growing institutional recognition of our strategy, scale, and execution,” Navi said in a statement.
Forward Industries shifted its business model last year from design and manufacturing to a digital-asset treasury approach focused on Solana. The company secured backing from Galaxy Digital, Multicoin Capital, and Jump Crypto to fund the accumulation. Despite the underwater position, Forward has not sold any SOL holdings and has only slowed its accumulation pace in response to the market downturn.
Navi added that the company remains committed to compounding its Solana exposure. “As we continue executing our disciplined Solana treasury strategy and compounding SOL-per-share, we believe Forward is well-positioned to establish itself as a leading institutional platform for digital asset exposure,” he said.
Ethereum Treasury Company Also Included
Sharplink, the second-largest Ethereum treasury company, was also included in the Russell indexes during the same reconstitution. Sharplink holds 874,351 ETH tokens currently valued at $1.81 billion but faces an unrealized loss exceeding $1.2 billion on its treasury reserves.
Joseph Chalom, chief executive officer of Sharplink, framed the index inclusion as institutional validation for Ethereum treasury strategies. “Joining the Russell 2000 and Russell 3000 is a meaningful validation of Sharplink’s institutional-grade ETH treasury strategy and we believe will broaden SBET’s shareholder base while strengthening our access to capital markets,” Chalom said.
Sharplink ranks second behind Tom Lee’s Bitmine, which holds the largest corporate Ethereum treasury. Both companies represent a broader trend of publicly traded entities adopting digital-asset treasury models as a core business strategy.
Market Context
SOL was trading at $84 at the time of reporting, down 2% over the preceding 24 hours. The broader digital-asset sector experienced a bearish shift in the fourth quarter of 2025, which contributed to the decline in valuations for both Forward Industries and Sharplink despite their continued accumulation strategies.
The Russell reconstitution reflects the growing presence of crypto-focused companies in mainstream stock indexes. Index inclusion typically increases institutional investor exposure and can improve liquidity for company shares, though it does not directly affect the underlying digital-asset holdings.
