A Solana treasury is about to land in the Russell indexes

@FWDind Forward Industries (Nasdaq: FWDI), the largest corporate holder of $SOL, is set to join the Russell 2000 and Russell 3000 indexes when FTSE Russell's semi-annual reconstitution takes effect on June 29, 2026. The inclusion follows a preliminary list of additions posted on May 22, 2026. The move places Solana-linked equity exposure in front of the passive funds and institutional managers that benchmark approximately $12.2 trillion in assets against the Russell US Indexes.

A wave of crypto treasury firms enters the benchmarks

Forward is not alone. SharpLink Gaming, an Ethereum treasury firm backed by Ethereum co-founder Joe Lubin, will join the Russell 2000 and Russell 3000 on June 29. SharpLink holds 872,984 ETH, worth roughly $1.8 billion at current prices, making it the second-largest public holder of Ether behind BitMine. BitMine and Galaxy Digital are expected to join the Russell 1000 during the same reconstitution. Russell 1000 membership would place those firms alongside technology leaders including Nvidia, Microsoft, Apple, and Alphabet.

The broader pattern is hard to miss. The moves reflect a wider trend of public companies adding digital assets to corporate treasuries. While Bitcoin remains the dominant treasury asset among listed firms, some companies have begun increasing exposure to Ethereum as institutional interest in staking, tokenization, and decentralized finance grows. Forward's inclusion extends that model into Solana for the first time at index level.

Forward's SOL bet sits deeply underwater

Forward Industries is a Solana-focused digital asset treasury company, with a strategy to buy, hold, stake, trade, invest in, and grow SOL and SOL-related digital assets, protocols, and businesses. The company launched its digital asset treasury strategy in September 2025 through a private placement transaction supported by Galaxy Digital and Jump Crypto.

The timing of its SOL accumulation, however, is a significant overhang. Forward bought its stake near $232 per token last year. With $SOL trading near $82, that position sits roughly 64% underwater. The company said index inclusion may improve liquidity and expand its shareholder base, though index-driven buying will do little to change the underlying economics of the treasury position unless Solana prices recover materially.

Inclusion in widely followed indexes typically leads to increased visibility among institutional investors and can trigger passive fund inflows. FTSE Russell plans additional eligibility announcements on June 5, June 12, and June 18 before the changes take effect.

Sources:
Forward Industries press release via GlobeNewswire (Manila Times)
SharpLink, BitMine and Galaxy Digital Russell index inclusion (CoinCentral)
SharpLink Russell inclusion and ETH treasury strategy (Crypto Times)