Ethereum-Focused SBET And BMNR Join Russell 3000 Index, Following MSTR's Playbook

• SharpLink Gaming and BitMine Immersion Technologies have been added to the Russell 3000 Index in the 2026 reconstitution of FTSE Russell’s indexes.
• The reconstitution also included Gemini Space Station, Galaxy Digital, IREN Limited, CoreWeave, and Soluna Holdings joining the index in the same cycle.
• The move comes almost two years after Michael Saylor’s Strategy was added to the Russell 1000 in June 2024.

The Russell 3000 Index has been reconstituted for the year, and two of the largest Ethereum (ETH) treasury companies, SharpLink Gaming (SBET) and BitMine Immersion Technologies (BMNR), have been added to the index.

This adds to a wave of public companies adopting Bitcoin (BTC)- and Ethereum-centric balance sheet strategies, per the Russell 3000 Additions 2026 list. The Russell 3000 also added a clear crypto theme, with crypto exchanges like Gemini Space Station (GEMI), Galaxy Digital (GLXY), and Bitcoin miners-turned-AI compute providers IREN Limited (IREN) and CoreWeave, Inc. (CRWV), as well as Soluna Holdings (SLNH), all joining the benchmark in the same reconstitution. 

The addition comes almost two years after Michael Saylor’s Strategy (MSTR) hit its own Russell milestones. MSTR, a long-time member of the Russell 3000, gained promotion to the large-cap Russell 1000 Index in June 2024 following a 146% share price surge associated with its aggressive Bitcoin accumulation strategy. Later in June 2025, it was added to the Russell Top 200 Value Index, cementing its status as an ultra-large-cap benchmark name and template for the crypto treasury model.

SBET And BMNR’s Mixed Results

SBET and BMNR both receive index entries despite mixed financial results. SharpLink Gaming announced first-quarter (Q1) 2026 earnings on May 11, with a loss per share of $3.25 versus an estimated loss of $0.62, a negative earnings surprise of 424%. Revenue was $12.06 million, missing the $14.6 million estimate by 17.4%. 

BitMine reported its second quarter (Q2) 2026 earnings with an EPS of -$0.08 and quarterly revenue of $11.04 million. Despite the loss, analysts expect BitMine’s earnings to increase 48.28% next year, from $0.29 to $0.43 per share, showing optimism around its growing mining and Ethereum treasury operations.

However, the news comes as the broader crypto market stays muted. Ethereum’s price was trading at $2,027, down over 4% in the last 24 hours. On Stocktwits, retail sentiment around ETH remained in the ‘bearish’ zone, while chatter rose to ‘high’ from ‘normal’ levels over the past day.

Read also: Arthur Hayes Warns Of 'Hunger Games Of Debt' As Bitcoin Eyes ‘Policy Panic’ Rally

For updates and corrections, email newsroom[at]stocktwits[dot]com