Russell includes crypto treasuries Bitmine and Upexi in major indexes

• Ethereum treasury Bitmine is set to join the Russell 1000 after the close of markets on Friday.
• Solana treasury Upexi announced it will be added to the Russell Microcap Index, effective June 29.
• Index membership could strengthen a company's access to institutional capital by increasing its visibility.

Ethereum (ETH) treasury company Bitmine Immersion Technologies (BMNR) is set to join the Russell 1000 Index after the close of US markets on Friday, while Solana (SOL) treasury firm Upexi (UPXI) will be added to the Russell Microcap Index when markets open on Monday.​

Bitmine and Upexi join Russell indexes after meeting requirements

Bitmine qualified for inclusion in the Russell 1000 after meeting the index's eligibility requirements, the firm initially announced on Monday. The large-cap index tracks the performance of the top 1000 US companies by market cap.

The inclusion places Bitmine alongside established US large-cap companies and increases the company's visibility among institutional investors and passive funds that track the Russell indexes.

Meanwhile, Upexi announced Thursday that it had secured a place in the Russell Microcap Index. The Solana-focused treasury holds over 2 million SOL acquired through acquisitions, staking and other capital allocation strategies.

"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," said Allan Marshall, CEO of Upexi, in a statement on Friday.

Marshall added that the index inclusion is expected to expand the company's reach among institutional investors and fund managers that use Russell indexes as benchmarks.

Upexi operates both as a Solana-focused digital asset treasury company and a consumer brands business. Its treasury strategy centers on accumulating SOL while generating additional returns through staking and disciplined capital management.

The Russell Microcap Index includes the smallest companies in the Russell 2000, alongside the next tier of eligible US-listed microcap stocks. Constituents remain in the index until the next semi-annual reconstitution. The addition of Bitmine and Upexi is part of the June Russell US Indexes reconstitution.

Inclusion in major equity indexes can increase demand for a company's shares from passive funds that track those benchmarks. Broader institutional visibility and improved stock liquidity could help crypto treasury companies raise capital more efficiently to grow their holdings.

For example, in November, analysts warned that the potential removal of Bitcoin treasury firm Strategy from major equity benchmarks could trigger close to $9 billion in passive fund outflows.

Meanwhile, the crypto market has seen a significant decline in institutional activity over the past few months as bear market pressures intensified.

The declines have similarly affected companies whose stocks serve as proxies for investing in top cryptos. Several crypto firms have begun selling their holdings, with a few others pivoting from the crypto treasury model completely.

BMNR and UPXI are up 1.9% and 8.5%, respectively, on Friday.