Forward Industries, the largest treasury holder of Solana (SOL), has announced that it’s set to join the Russell 2000 and 3000 indexes.
Forward Industries To Be Included In Russell 2000 From June 29th
According to a press release, Forward Industries is joining the Russell 2000 and 3000 indexes. The publicly traded company has historically focused on design and manufacturing, but last year, it pivoted toward a digital-asset treasury (DAT) model based on Solana. With backing from major industry names like Galaxy Digital, Multicoin Capital, and Jump Crypto, Forward Industries quickly became the largest corporate holder of SOL.
As of March 2026, the firm’s treasury held a total of 7,013,536 tokens. Forward spent more than $1.5 billion to assemble this stack, but at the current exchange rate of the cryptocurrency, the reserves are only worth about $586.4 million, meaning that it is holding a significant unrealized loss.
Following the latest semi-annual reconstitution of Russell indexes, Forward has been included in the Russell 3000 index, which captures the 3,000 largest stocks in the United States as of April 30th. As a result of this inclusion, the company has gained an automatic membership in the Russell 2000, which corresponds to small-cap assets.
Ryan Navi, the chief investment officer of the firm, noted:
Inclusion in the Russell 2000® and Russell 3000® marks an important milestone for Forward and reinforces the growing institutional recognition of our strategy, scale, and execution.
The current underwater status of Forward’s Solana holdings is naturally a result of the bearish shift that the digital asset sector has faced since Q4 2025. Compared to when the firm began its SOL buying in September 2025, the asset’s spot price is down more than 65%. In response to the market drawdown, the DAT company has significantly slowed down its Solana accumulation, although it hasn’t participated in any selling.
Navi said:
As we continue executing our disciplined Solana treasury strategy and compounding SOL-per-share, we believe Forward is well-positioned to establish itself as a leading institutional platform for digital asset exposure.
Forward Industries isn’t the only DAT firm that has been included in the Russell index with the latest reconstitution. As announced in a press release, Sharplink has also won its inclusion in the Russell 2000 and 3000 indexes.
Sharplink is the second-largest Ethereum treasury company in the world, behind only Tom Lee’s Bitmine. According to the ETH dashboard on the company’s website, it holds a total of 874,351 ETH ($1.81 billion) right now. Like Forward, Sharplink is also facing a significant loss on its treasury reserves, being down more than $1.2 billion.
Joseph Chalom, Sharplink chief executive officer, noted:
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.
Solana Price
At the time of writing, Solana is trading around $84, down 2% over the last 24 hours.
