被納入羅素指數的DAT公司，也救不了以太坊

Original Author: Eric, Foresight News

This week, FTSE Russell announced the preliminary list of additions for the 2026 Russell 3000 Index. The index component reshuffle has 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 the SOL DAT company Forward Industries (FWDI), are also on the list. Barring any unexpected changes before June 29th, the hundreds of billions of dollars in passive funds tracking the Russell indices will be compelled to allocate to these targets, regardless of individual fund managers' personal views on cryptocurrencies.

This is undoubtedly good news for investors in crypto-related stocks, but it's a different story for cryptocurrencies themselves.

What are the Russell Indices?

The Russell index family, managed by FTSE Russell under the London Stock Exchange Group, is one of the most influential benchmarks for US stocks globally. The Russell 3000 Index covers the top 3,000 companies by market capitalization in the US stock market, representing approximately 98% of the investable US equity market. Its two core sub-indices derived from it—the Russell 1000 (large-cap, top 1,000 companies) and the Russell 2000 (small-cap, next 2,000 companies)—are also crucial components of the capital markets.

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

As of 2026, approximately $20 trillion in assets is benchmarked to FTSE Russell indices, with the Russell US index family alone accounting for about $10.6 trillion of that sum. This means that any company added to a Russell index immediately becomes a target for allocation by massive amounts of passive capital.

The 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 an asset management scale of around $75 billion and daily trading volume exceeding 26 million shares, making it one of the most liquid small-cap ETFs globally. Next is the Vanguard Russell 2000 ETF (VTWO), managing approximately $13.6 billion in assets with a low expense ratio of 0.07%, a top 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.

The management style of these funds is "passive management": their sole objective is to replicate the index's performance as precisely as possible, not to actively pick stocks. Therefore, when a stock is added to an index, these funds must buy it according to its weight after the reconstitution takes effect; conversely, stocks removed are forcibly sold. This mechanism makes the Russell index reconstitution day (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 indices often experience significant price volatility around the reconstitution date. According to multiple studies, newly added Russell 2000 companies typically see an average short-term price gain of 5% to 10% after the effective date, driven purely by forced buying from passive funds. For relatively smaller-cap, less liquid crypto-related stocks like BitMine, this effect could be even more pronounced.

For DAT companies, a stock price increase triggered by passive buying makes it easier to issue more shares and purchase more cryptocurrencies. If their inclusion in the Russell index is confirmed, the "flywheel" effect, once reliant on market hype, can now be powered by the momentum from passive funds.

DAT Company Stocks Benefit, But 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 was not 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." The problem, he argues, lies with the core narrative that "ETH is money." In Hoffman's view, Ethereum is inherently a "giver, not a taker." It provides the most secure blockspace to the world at cost, tokenizes global assets at cost, and secures billions of dollars in DeFi protocols at cost. The fact that "all transactions do not accrue fees" 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; it's a feature. He believes only a fraction of the success of Ethereum's network and ecosystem is reflected in ETH's price. The application layer and L2 services are capturing most of the value. The rollup-centric roadmap means L2s capture 97% of the profits, leaving ETH with a tiny share.

This reveals a structural dilemma. A DAT company's stock price can achieve independent valuation increases and even trade at a premium relative to its underlying crypto holdings, leveraging the rules of the traditional financial system (index inclusion, institutional allocation, stock premiums). However, when these companies raise capital in the secondary market, these funds do not flow directly into ETH itself.

Given the relatively small market capitalization of DAT companies, even the passive capital inflow may not be substantial, and the stock price increase is likely very limited. On the other hand, both Ethereum and Solana are currently facing challenges with their token prices. Buying pressure from DAT companies might offset some selling pressure but 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 of nearly $5,000, while its current price hovers around $2,000. During the 9 months of a nearly 60% price decline, one company, BitMine, purchased 3.6 to 3.7 million ETH, but this could not stop the relentless downward trend.

Conclusion

The Russell indices opening their doors to cryptocurrency companies is undoubtedly another milestone in the integration 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 outcome may not benefit the underlying crypto assets.

Currently, the "ETH is money" narrative is giving way to the reality of "ETH is public infrastructure." The same applies to Solana and a series of other public blockchains. Rising chain revenues and expectations of buybacks might temporarily support token prices in the short term, but this logic has an invisible ceiling. How to introduce a new narrative for token value might be the most critical question to ponder right now.