SharpLink, Backed by Joe Lubin, Set to Enter Russell Indexes

SharpLink Gaming, an Ethereum treasury firm supported by Joe Lubin, co-founder of Ethereum, is set to be included in the Russell 2000 and Russell 3000 indexes on June 29. This inclusion could attract new interest from institutional investors via index-tracking funds.

The announcement was made as part of FTSE Russell’s annual index reconstitution. Russell indexes serve as important benchmarks for U.S. equities, managing around $12 trillion in assets across various investment strategies.

SharpLink is recognized as a major public holder of ether (ETH), boasting approximately 873,000 ETH currently valued at about $1.8 billion. This positions SharpLink as the second-largest public ETH treasury, trailing only behind Bitmine, which holds 5.4 million ETH. Despite the company's substantial holdings, it has not reported any new ETH acquisitions since October.

In the past year, SharpLink’s stock has fallen about 95% from its peak, reflecting the broader market's downturn. However, the firm maintains a value greater than it had before shifting to its Ethereum treasury model. On the day of the announcement, SharpLink's stock dropped about 2%, a reflection of ETH's price trends.

Joseph Chalom, CEO of SharpLink, stated that joining the Russell indexes underscores the company’s "institutional-grade ETH treasury strategy" and could bolster its "access to capital markets."