Ethereum-focused companies SharpLink Gaming (SBET) and BitMine Immersion Technologies (BMNR) have officially joined the Russell 3000 Index. The move came during the index's annual reconstitution for 2026, signaling growing acceptance for corporate crypto-treasury strategies in mainstream financial benchmarks, according to the FTSE Russell additions list.
This inclusion is part of a broader crypto theme in the 2026 index update. Other newly added companies include crypto exchange Gemini Space Station, Galaxy Digital, and Bitcoin miners pivoting to AI like IREN Limited and Soluna Holdings.
The strategy echoes the path of MicroStrategy (MSTR), which successfully leveraged its massive Bitcoin holdings to join the large-cap Russell 1000 index in June 2024. The additions of SBET and BMNR suggest this is becoming a viable playbook for companies holding large Ethereum treasuries.
Why Is This Index Addition Significant?
Joining a major index like the Russell 3000 significantly boosts a company's visibility, liquidity, and credibility. It compels passive index-tracking funds to purchase the stock, creating automatic buy-side demand. This move places the companies on the radar of a much wider pool of institutional investors who follow the index.MicroStrategy's promotion to the Russell 1000 in 2024 occurred after a 146% share price surge tied to its aggressive Bitcoin accumulation. The firm's status as a benchmark name was further cemented when it joined the Russell Top 200 Value Index in June 2025, providing a clear template for the crypto-treasury model that SBET and BMNR now follow.
How Are the Companies' Financials?
Both companies secured their spots on the index despite posting weak financial results for early 2026. SharpLink Gaming reported a staggering earnings miss of 424%, while BitMine also posted a quarterly loss. This suggests the inclusion was driven more by market capitalization and strategic crypto holdings than by current profitability.SharpLink's first-quarter 2026 report on May 11 revealed a loss per share of $3.25, dramatically missing the estimated loss of $0.62. Its revenue of $12.06 million also fell short of the $14.6 million analyst target.
BitMine reported a second-quarter 2026 loss with an EPS of -$0.08 on revenue of $11.04 million. Despite the loss, analysts project its earnings will grow 48.28% next year, showing some optimism about its mining and Ethereum treasury operations.
Metric | SharpLink Gaming (SBET) | BitMine Immersion (BMNR) |
|---|---|---|
Quarter Reported | Q1 2026 | Q2 2026 |
Revenue | $12.06 Million | $11.04 Million |
EPS (Actual) | -$3.25 | -$0.08 |
Earnings Surprise | -424% | N/A |
What Is the Broader Market Context?
These index additions are happening amid general weakness in the crypto market. At the time of the announcement, Ethereum's price was down over 4% to $2,027. This highlights a disconnect between the structural mechanics of index inclusion and the immediate, often volatile, performance of the underlying assets.The bearish mood was reflected in retail sentiment. Data from Stocktwits showed that user sentiment around ETH was 'bearish', even as the volume of chatter rose to 'high'. This suggests active traders were concerned about the price action, contrasting with the passive institutional inflows driven by the index reconstitution.
