Key Highlights
- BitMine was added to the Russell 1000 Index, while Upexi joined the Russell Microcap Index.
- The inclusions become effective following the 2026 Russell U.S. Index reconstitution.
- Upexi said its Solana treasury has grown to more than 2 million SOL.
Publicly traded crypto treasury companies continue gaining mainstream institutional recognition after Upexi and BitMine secured spots in two of the most widely followed Russell equity indexes.
Upexi announced on Friday that it will join the Russell Microcap Index, while Ethereum treasury firm BitMine confirmed its addition to the Russell 1000 Index, highlighting growing investor interest in companies built around digital asset treasury strategies.
The additions become effective following the annual Russell U.S. Index reconstitution, one of the most closely watched events for institutional investors.
Upexi joins Russell Microcap index
Solana treasury company Upexi said it has been added to the Russell Microcap Index, with membership taking effect at the opening of U.S. markets on June 29.
The Russell Microcap Index tracks the smallest publicly traded U.S. companies and is widely followed by index funds, ETFs, and institutional asset managers.
According to FTSE Russell, approximately $12.2 trillion in assets are benchmarked against or invested in products linked to Russell U.S. Indexes.
Commenting on the inclusion, Upexi CEO Allan Marshall said the milestone reflects the company’s transformation into one of the largest publicly traded Solana treasury firms.
“Inclusion in the Russell Microcap Index is a meaningful milestone that reflects the growth and transformation of Upexi over the past year, as we have grown our Solana treasury to more than two million SOL.”
Marshall added that joining the index should expand the company’s visibility among institutional investors and help diversify its shareholder base as it continues executing its Solana-focused treasury strategy.
BitMine enters Russell 1000
Meanwhile, Ethereum treasury company BitMine announced that it has been added to the Russell 1000 Index, representing many of the largest publicly listed U.S. companies by market capitalization.
The company said that as of June 22, it held 5.67 million ETH, $601 million in cash and marketable securities, $350 million in preferred securities (BMNP), and no outstanding debt. It also reported that its Ethereum staking operations generate an annualized yield of approximately $233 million.
Highlighting its long-term strategy, BitMine said it is focused on building “crypto downstream infrastructure for AI” and believes crypto tokenization will play a key role in modernizing Wall Street’s legacy technology stack.
Institutional recognition for crypto treasury firms
Russell index inclusion often increases visibility among institutional investors, as many passive funds and ETFs adjust their portfolios to track benchmark indexes.
While inclusion does not guarantee immediate capital inflows, it typically enhances liquidity, analyst coverage, and exposure to institutional asset managers.
The latest additions build on a broader trend. In May, SharpLink Gaming also secured Russell index inclusion after expanding its Ethereum treasury, further highlighting the growing acceptance of crypto treasury companies within traditional equity benchmarks.
The additions of Upexi and BitMine underscore the rapid emergence of crypto treasury firms as a distinct public-market category. Rather than operating exchanges or mining businesses, these companies are building strategies centered on accumulating, staking, and generating yield from digital assets.
Crypto treasury firms gain mainstream recognition
Upexi’s approach focuses on acquiring and staking Solana, while BitMine has established itself as one of the largest corporate holders of Ethereum, combining treasury accumulation with staking income and tokenization-related initiatives.
The announcements come as public companies increasingly compete to build digital asset treasuries beyond Bitcoin, expanding into Ethereum, Solana, and other blockchain ecosystems.
For both companies, Russell inclusion represents more than a benchmark milestone—it reflects growing institutional acceptance of crypto-focused treasury models and could further strengthen investor participation across the sector.
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