FTSE Russell added four crypto-related companies to its preliminary Russell 3000 inclusion list, with Bitmine and Galaxy Digital qualifying for the large-cap Russell 1000.
FTSE Russell added four crypto-related companies to its preliminary Russell 3000 inclusion list, with Bitmine and Galaxy Digital qualifying for the large-cap Russell 1000.

FTSE Russell added Bitmine Immersion Technologies, Galaxy Digital, Forward Industries and Gemini to the preliminary Russell 3000 inclusion list on May 27, with two companies meeting the threshold for the large-cap Russell 1000.
"We believe index inclusion will expand our shareholder base, improve trading liquidity, and increase visibility among long-term institutional investors," Ryan Navi, chief investment officer at Forward Industries, said.
Bitmine, chaired by Fundstrat's Tom Lee, holds a market capitalization of about $5.7 billion, meeting the Russell 1000's minimum threshold. Galaxy Digital, at $11.55 billion, also qualifies for the large-cap index. Forward Industries, with a $350 million market cap, and Gemini, valued at an estimated $571 million, are eligible for the Russell 2000.
Inclusion in the Russell 1000 would place Bitmine and Galaxy Digital alongside major US large-cap equities including Nvidia, Microsoft and Apple, triggering automatic buying from passive index-tracking funds. FTSE Russell will provide further list updates on June 5, June 12 and June 18, with the newly reconstituted indexes taking effect after the US market close on June 26.
Bitmine's path to index inclusion comes despite significant paper losses on its Ethereum treasury. The company holds 5.28 million Ether, or about 4.37% of the total supply, purchased at an average price near $3,500 for a total investment of roughly $18.5 billion. At current prices, the stash is valued at about $10.7 billion, leaving Bitmine with approximately $7.84 billion in unrealized losses.
Tom Lee, Bitmine's chairman, has described the drawdown as a buying opportunity. The company has staked most of its Ether holdings through its MAVAN platform, generating annualized staking revenues of $289 million, according to Lee.
Galaxy Digital, led by Mike Novogratz, operates across asset management, trading and investment banking in digital assets. Its $11.55 billion market capitalization makes it one of the largest publicly traded crypto financial services firms.
The index reconstitution carries significant implications. Passive funds tracking the Russell 1000 and 2000 will be required to purchase shares of newly included companies, potentially driving up trading volumes and share prices. For Bitmine, which has seen its stock fall more than 30% year-to-date to $18.88, the forced buying from index funds could provide a meaningful catalyst.
This article is for informational purposes only and does not constitute investment advice.