Sharplink joins Russell indexes as Ethereum treasury bet grows

SharpLink has secured inclusion in the Russell 2000 and Russell 3000 indexes, adding another milestone to the company’s push into Ethereum-based treasury management.

According to a report shared by Wu Blockchain, the Nasdaq-listed company, which trades under ticker SBET, will join both indexes when the U.S. market opens on June 29, 2026. The annual Russell index reconstitution places SharpLink among small-cap and broad-market U.S. equities tracked by institutional funds and exchange-traded products.

SharpLink expands Presence in public markets

FTSE Russell includes companies that meet specific market capitalization, liquidity, and listing standards. The addition of SharpLink means index-tracking funds will automatically purchase shares of the company once the changes take effect.

SharpLink chief executive Joseph Shalom said the company’s inclusion recognizes its Ethereum treasury strategy and may help increase shareholder participation. “This recognition supports our position as an institutional-grade Ethereum treasury platform,” Shalom said in a company statement.

Based in Miami, SharpLink rebranded from SharpLink Gaming in February 2026 after moving away from its sports betting business. The company now focuses on Ethereum treasury operations and digital asset-related financial services.

At the same time, BitMine Immersion Technologies, which trades under ticker BMNR, is also scheduled to join the Russell 3000 during the same reconstitution cycle.

Revenue growth comes with large ETH-Linked losses

SharpLink reported Q1 2026 revenue of $12.1 million, compared with $0.7 million during the same quarter a year earlier. Company filings also showed a net loss of $685.6 million for the quarter.

The company attributed most of the loss to non-cash impairments and unrealized declines tied to its Ethereum holdings. SharpLink currently holds more than 872,000 ETH equivalent, according to post-quarter financial disclosures.

While the revenue increase showed business expansion, the company’s balance sheet remains closely tied to Ethereum price movements. Public companies with large crypto treasury positions often face earnings volatility due to digital asset valuation changes.

According to company disclosures, SharpLink ranks among the world’s largest publicly traded Ethereum holders. The strategy has drawn attention from investors looking at corporate crypto exposure beyond Bitcoin-focused firms.

Galaxy Partnership adds deFi exposure

On May 11, SharpLink announced the proposed Galaxy SharpLink Onchain Yield Fund in partnership with Galaxy Digital. The planned fund includes $125 million in committed capital, including $100 million from SharpLink’s staked Ethereum treasury and $25 million from Galaxy.

The agreement remains non-binding at this stage. If finalized, the fund would become one of the larger institutional decentralized finance yield vehicles linked to a publicly traded company.

Company statements described the fund as part of SharpLink’s effort to expand institutional participation in on-chain finance products. Market participants are now watching whether the partnership proceeds into a formal agreement.

As previously reported by crypto.news, Galaxy Digital and SharpLink announced a non-binding agreement on May 11 to launch the Galaxy SharpLink Onchain Yield Fund, a $125 million limited partnership designed to deploy part of SharpLink’s staked Ethereum treasury across decentralized finance strategies. Galaxy will serve as the investment manager for the proposed fund.

SharpLink plans to contribute $100 million from its staked ETH holdings, while Galaxy will provide an additional $25 million in capital. Mike Novogratz, founder and chief executive officer of Galaxy, said the infrastructure supporting institutional participation in decentralized finance “has matured to a point where allocators can access yield, liquidity, and risk management with the same rigor they expect in traditional markets.