Forward Industries, the largest holder of Solana Treasury (SOL), announced that it is set to join the Russell 2000 and 3000 indexes.
Forward Industries will be included in Russell 2000 starting June 29
According to a press release, Forward Industries joins the Russell 2000 and 3000 indices. The publicly traded company has historically focused on design and manufacturing, but last year pivoted to a digital asset treasury (DAT) model based on Solana. With the support of big industry names like Galaxy Digital, Multicoin Capital, and Jump Crypto, Forward Industries has quickly become the largest company holding SOL.
As of March 2026, the company’s treasury held a total of 7,013,536 tokens. Forward spent over $1.5 billion to assemble this stack, but at the cryptocurrency’s current exchange rate, the reserves are only worth around $586.4 million, meaning it is taking a significant unrealized loss.
The five largest corporate holders of SOL in the world | Source: CoinGecko
Following the latest semi-annual reconstitution of the Russell Indices, Forward was included in the Russell 3000 Index, which captures the 3,000 largest stocks in the United States as of April 30. With this inclusion, the company automatically becomes a member of the Russell 2000, which corresponds to small-cap assets.
Ryan Navi, the company’s chief investment officer, 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 state of Forward’s Solana holdings is naturally a result of the bearish shift the digital asset sector has been facing since Q4 2025. Compared to when the company began its SOL purchases in September 2025, the spot price of the asset is down more than 65%. In response to the market decline, DAT significantly slowed its accumulation of Solana, although it did not participate in any sales.
Navi said:
As we continue to execute our disciplined Solana treasury strategy and grow SOL per share, we believe Forward is well positioned to establish itself as a leading institutional platform for exposure to digital assets.
Forward Industries isn’t the only DAT company to be included in the Russell Index with the latest reconstitution. As announced in a press release, Sharplink also achieved inclusion in the Russell 2000 and 3000 indices.
Sharplink is the second largest Ethereum treasury company in the world, behind Tom Lee’s Bitmine. According to the ETH dashboard on the company’s website, it currently holds a total of 874,351 ETH ($1.81 billion). Like Forward, Sharplink is also facing a significant loss to its cash reserves, down more than $1.2 billion.
Joseph Chalom, CEO of Sharplink, said:
Joining the Russell 2000 and Russell 3000 is a significant validation of Sharplink’s institutional-grade ETH treasury strategy and we believe it will expand SBET’s shareholder base while strengthening our access to the capital markets.
Solana Price
At the time of writing, Solana is trading around $84, down 2% in the last 24 hours.
Looks like the price of the coin has been stuck in consolidation in recent days | Source: SOLUSDT on TradingView
Featured image of Dall-E, chart from TradingView.com
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