Russell has added Bitmine and Upexi digital currencies to its main indices.

Bitmine Immersion Technologies (BMNR), which specializes in managing Ethereum (ETH) treasuries, is set to join the Russell 1000 after the close of U.S. markets on Friday, while Upexi (UPXI), which specializes in managing Solana (SOL) treasuries, will be added to the Russell Small Cap Index at the market open on Monday.

Both Bitmine and Upexi joined Russell indices after meeting the requirements.
On Monday, Bitmine announced that it had satisfied the requirements to join the Russell 1000 after meeting the eligibility criteria. The index tracks the performance of the largest 1,000 U.S. companies by market capitalization.

This listing places Bitmine alongside established, large U.S. companies and increases the company’s visibility among institutional investors and passive funds that track Russell indices.

Meanwhile, Upexi announced on Thursday that it had secured a place in the Russell Small Cap Index. The company, which focuses on Solana, holds more than 2 million SOL, obtained through acquisitions, staking, and other capital allocation strategies.

“Our inclusion in the Russell Small Cap Index is an important milestone that reflects Upexi’s growth and transformation over the past year, as we have grown our Solana treasury to more than 2 million SOL,” Alan Marshall, CEO of Upexi, said in a statement released on Friday.

Marshall added that index inclusion is expected to broaden the company’s reach among institutional investors and fund managers who use Russell indices as benchmarks.

Upexi operates as a digital asset management company focused on the Solana platform, as well as a consumer-brand company. Its asset management strategy centers on accumulating SOL while generating additional returns through staking and disciplined capital management.

The Russell Small Cap Index includes the smallest companies listed in the Russell 2000, as well as the next tier of small-cap stocks listed in the United States. The index’s constituent companies remain in the index until the next semiannual reconstitution. The addition of Bitmine and Upexi is part of the June reconstitution of the U.S. Russell indices.

Including companies in major stock indices may increase demand for their shares from passive investment funds that track these indices. In addition, greater institutional visibility and improved stock liquidity may help digital treasury companies raise capital more efficiently to grow their holdings.

For example, in November, analysts warned that the potential removal of the Bitcoin treasury management company “Strategic” from major stock indices could lead to outflows of nearly $9 billion from passive funds.

Meanwhile, the cryptocurrency market has seen a sharp decline in institutional activity over the past few months as downward market pressures have intensified.

These declines have similarly affected companies whose shares are used as a proxy investment in leading digital currencies. Many crypto companies have begun selling their stakes, while other companies have shifted to an entirely new model as they move away from the crypto treasury model.

BMNR and UPXI shares rose 1.9% and 8.5%, respectively, on Friday.
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