Sharplink eyes Russell Index spot amid growing $1.8B Ethereum treasury

Sharplink, the second‑largest Ethereum [ETH] digital asset treasury company (DAT), has announced that it is prepared to join the Russell 2000 and Russell 3000 Indexes. Currently, the company is awaiting the outcome of the semi‑annual reconstitution of the Russell indexes. This process is scheduled to take effect on the 29th of May, and its results will determine Sharplink’s inclusion.  Sharplink's Russell Index goals Notably, Sharplink appeared on FTSE Russell’s preliminary list of index changes, which was published on the 22nd of May. Remarking on the same, Joseph Chalom, Sharplink’s CEO, said,  Joining the Russell 2000 and Russell 3000 is a meaningful validation of Sharplink's institutional-grade ETH treasury strategy and we believe will broaden SBET's shareholder base while strengthening our access to capital markets. According to the press release, roughly $12 trillion in assets are tied to Russell indexes through both active and passive strategies. As a result, these indexes serve as widely used benchmarks for U.S. stocks.  Moreover, inclusion in the Russell 2000, the standard for small‑cap U.S. equities, could boost institutional ownership of Sharplink.  Bitmine was the first one to join This occurs as Bitmine, the biggest Ethereum treasury company in the world, also revealed plans to add ETH to its Russell 3000 Index preliminary list in advance of the June rebalancing. For context, the Russell 3000 Index follows the top 3000 American companies based on market size. Once approved, Bitmine will be automatically added to ETFs that track the Russell 3000 Index.  As a result, this would also result in Bitmine's chances of joining the Russell 1000 Index, which tracks the top 1000 largest U.S. public firms by market cap.  Sharplink vs. Bitmine All things considered, it appears that the ETH DAT market is becoming more competitive. This begs the question, will Bitmine soon be surpassed by Sharplink? Bitmine holds 5,390,404 ETH valued at $11.18 billion, while Sharplink controls 868,699 ETH worth $1.8 billion. This wide gap underscores how far Sharplink must go before it can rival Bitmine. The disparity is also reflected in their stock prices. At press time, Bitmine traded at $19.20 after a 1.69% daily gain, whereas Sharplink closed at $6.18 following a 0.80% decline.  Final Summary Following Bitmine, Sharplink also announced that it would join the Russell 2000 and Russell 3000 race.  Despite the push, Sharplink has a long way to go before defeating Bitmine.