Ethereum Focused Companies Join Russell 3000 Index Amid Muted Crypto Market

FTSE Russell's reconstitution of its indexes has added several companies to the Russell 3000 Index, including SharpLink Gaming (SBET) and BitMine Immersion Technologies (BMNR), two prominent Ethereum-focused companies.

The move follows a similar strategy employed by Michael Saylor's company, MSTR, which was added to the Russell 1000 Index in June 2024 after experiencing a 146% share price surge associated with its aggressive Bitcoin accumulation strategy.

SBET and BMNR were added despite mixed earnings results. SharpLink Gaming reported a loss per share of $3.25 in Q1 2026, missing estimates by 424%, while BitMine Immersion Technologies saw an EPS of -$0.08 and quarterly revenue of $11.04 million.

The addition of these companies to the Russell 3000 Index is seen as part of a broader trend of public companies adopting Bitcoin and Ethereum-centric balance sheet strategies, with some analysts optimistic about their growth prospects despite the current muted crypto market.