DAT được đưa vào chỉ số Russell, cũng không thể cứu Ethereum

Original author: Eric, Foresight News

This week, FTSE Russell announced the preliminary membership list for the 2026 Russell 3000 Index. The index rebalance added several cryptocurrency-related stocks, including CoreWeave (CRWV), Iren Limited (IREN), and Galaxy Digital Holdings (GLXY).

Additionally, Ethereum DAT companies BitMine (BMNR) and Sharplink (SBET), as well as Solana DAT company Forward Industries (FWDI), are also on the list. Unless unforeseen circumstances arise before June 29, the hundreds of billions of dollars in passive funds tracking the Russell indices will be forced to allocate to these targets, regardless of individual fund managers' personal views on cryptocurrency.

This is undoubtedly good news for investors in crypto-concept stocks, but it's hard to say the same for cryptocurrency itself.

What is the Russell Index?

The Russell Index system is managed by FTSE Russell, a subsidiary of the London Stock Exchange Group, and is one of the most influential benchmarks for US stocks globally. The Russell 3000 Index covers the top 3000 companies in the US stock market by market capitalization, representing approximately 98% of the investable US stock market. Two core sub-indices derived from it – the Russell 1000 (large-cap, top 1000 companies) and the Russell 2000 (small-cap, bottom 2000 companies) – are also important components of the capital market.

Every June, FTSE Russell conducts a comprehensive reconstitution based on market capitalization data from the end of April. Starting in 2026, this frequency will increase to semi-annual (June and November) to reflect market changes more quickly.

As of 2026, approximately $20 trillion in assets are benchmarked to FTSE Russell indices, with the Russell US Index system alone hosting about $10.6 trillion of that capital. This means any company included in the Russell Index immediately becomes a target for allocation by massive passive funds.

Funds tracking Russell indices primarily come from two types of products: ETFs and index funds. Taking the Russell 2000 as an example, the largest tracking vehicle is BlackRock's iShares Russell 2000 ETF (IWM), with assets under management of approximately $75 billion and daily trading volume exceeding 26 million shares, making it one of the most liquid small-cap ETFs globally. The second is Vanguard's Russell 2000 ETF (VTWO), managing about $13.6 billion in assets with a low expense ratio of 0.07%, making it a preferred choice for long-term passive investors. Other institutional products include Vanguard's Russell 2000 Index mutual fund (VRTIX) and BlackRock's Russell 2000 Index Fund.

These funds operate on a "passive management" basis: their sole goal is to replicate the index performance as accurately as possible, not to actively pick stocks. Therefore, when a stock is added to an index, these funds must buy it at the designated weight after the reconstitution becomes effective; conversely, stocks removed are forced to be sold. This mechanism makes the Russell Index reconstitution date (typically the last Friday of June) one of the highest volume trading days of the year for US stocks. In 2024, the closing volume on the reconstitution day set a record of nearly $220 billion.

Historical data shows that companies added to the Russell Index typically experience significant price volatility around the reconstitution period. According to multiple studies, newly added companies in the Russell 2000 see an average short-term price increase of 5%-10% following the effective date, driven entirely by forced buying from passive funds. For relatively small market cap, low-liquidity crypto-concept stocks like BitMine, this effect could be even more pronounced.

For DAT companies, the stock price increase from passive buying makes it more favorable to issue additional shares to purchase more cryptocurrency. If final inclusion in the Russell Index is confirmed, the "flywheel" effect that previously relied on market hype can now be achieved simply with the push from passive funds.

DAT Company Stocks Benefit, ETH Itself May Not

Just days before the Russell Index list was announced, David Hoffman, co-founder of Bankless and one of the most influential voices in the Ethereum community, liquidated his entire ETH holdings.

Hoffman's explanation wasn't based on a bearish view of the Ethereum network itself. On the contrary, he stated he is "extremely bullish on the future of the Ethereum network," but the problem lies in the core narrative of "ETH is money." In Hoffman's view, Ethereum is fundamentally a "giver, not a taker," providing the most secure blockspace to the world at cost, tokenizing global assets at cost, and securing billions of dollars in DeFi protocols at cost. "Charging no fees for any transaction" is the essence of open-source software and Ethereum's strength, but it paradoxically contradicts the logic of "token value appreciation."

Hoffman bluntly stated that Ethereum is the most successful non-profit organization in human history, but architecturally, it does not prioritize ETH. This is not a flaw, but a feature. He believes that only a small portion of the success of the Ethereum network and its ecosystem will be reflected in the price of ETH. Application layers and L2 services are capturing most of the value; the rollup-centric roadmap means L2s capture 97% of the profits, while ETH receives a minimal share.

This reveals a structural dilemma. The stock prices of DAT companies can achieve independent valuation increases through the mechanisms of the traditional financial system (index inclusion, institutional allocation, stock premiums), potentially even trading at a premium relative to their underlying crypto assets. However, when these companies raise capital in the secondary market, these funds do not flow directly to ETH itself.

Given that the market capitalization of DAT companies is relatively small, the inflow from passive allocation will not be massive, and the potential for stock price appreciation is very limited. On the other hand, both Ethereum and Solana are currently facing challenges with their token prices. While buying pressure from DAT companies might offset some selling pressure, it cannot solve the fundamental issue of the market failing to assign higher valuations to public blockchains.

In August 2025, Ethereum hit a new all-time high near $5,000, whereas its current price hovers around $2,000. During this roughly 60% price decline over nine months, a single company like BitMine purchased between 3.6 million and 3.7 million ETH, yet this couldn't halt the continuous downward price trend.

Conclusion

The Russell Index opening its doors to cryptocurrency companies is undoubtedly another milestone in the convergence of traditional finance and the digital asset world. For companies like CoreWeave, Iren, and Galaxy, this means broader institutional recognition, more stable capital inflows, and higher market liquidity. However, when DAT companies face similar capital inflows, the outcomes may not necessarily benefit the underlying crypto assets.

Currently, the narrative of "ETH is money" is giving way to the reality of "ETH is public infrastructure," a situation mirrored by Solana and other public chains. While increasing on-chain revenue and repurchase expectations might support token prices in the short term, this logic has an invisible ceiling. Introducing new narratives for token value may be the most pressing issue to consider.