Russell 3000 preliminary list features Gemini, Galaxy and Bitmine

Crypto firms, including Galaxy Digital, Gemini, Sharplink, and Bitmine Immersion Technologies, have appeared on FTSE Russell’s preliminary lists for possible inclusion in the Russell 3000 indexes, opening the door to automatic buying from index-linked funds and new institutional exposure.

According to preliminary index lists published by FTSE Russell on Friday, several cryptocurrency-focused firms met the eligibility requirements for inclusion in the Russell 3000, which tracks the 3,000 largest publicly traded U.S. companies. The benchmark currently requires a minimum market capitalization of about $146.4 million.

Among the companies listed, crypto exchange Gemini and Solana treasury firm Forward Industries qualified for potential placement in the Russell 2000, while Galaxy Digital and Ether treasury company Bitmine Immersion Technologies reached the thresholds tied to the Russell 1000.

Shares added to Russell indexes are often purchased by passive investment vehicles and actively managed funds that mirror the benchmark allocations. As a result, index inclusion can increase demand for the underlying stocks once the annual rebalancing takes effect.

FTSE Russell is expected to provide more updates on June 5, June 12, and June 18 before the reconstituted indexes officially take effect after the U.S. market closes on June 26.

Sharplink, which carries a market value of roughly $1.2 billion, said its inclusion could place the company in the Russell 2000.

Commenting on the development, the company’s Chief Executive Officer, Joseph Chalom, said on Tuesday that joining the index could help the company attract new shareholders and improve access to capital markets.

At the same time, Forward Industries chief investment officer Ryan Navi said the company also qualified for the Russell 2000 due to its nearly $350 million market capitalization.

“We believe index inclusion will expand our shareholder base, improve trading liquidity, and increase visibility among long-term institutional investors. 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.” Navi said in a company statement.

Russell 1000 entry could elevate crypto firms on Wall Street

Elsewhere on the preliminary list, Bitmine Immersion Technologies drew attention after chairman Tom Lee revealed earlier in the week that the company was eligible for the Russell 1000 and had appeared on the preliminary list. The large-cap index tracks the top 1,000 U.S. companies by market value and currently requires a threshold above $5.7 billion.

Among other crypto-focused firms, Galaxy Digital has also crossed that level with a market capitalization of about $11.55 billion, according to the preliminary figures released alongside the index update.

Placement inside the Russell 1000 would position Galaxy and Bitmine alongside some of the largest public companies in the U.S., including Nvidia, Microsoft, Apple, and Alphabet.

What does this mean?

Market participants have long viewed inclusion in major U.S. equity benchmarks as a sign that companies have moved deeper into mainstream institutional finance. Because exchange-traded funds and mutual funds tied to the Russell indexes automatically rebalance their holdings, firms added to the benchmarks often receive a direct flow of institutional capital after the changes take effect.

For crypto-linked companies, the process also expands ownership beyond digital asset-focused investors and places them inside portfolios held by pension funds, retirement products, and traditional equity managers.