Even the DAT Companies Included in the Russell Index Can't Save Ethereum
The FTSE Russell preliminary list for 2026 includes several crypto-related companies like CoreWeave, Iren, Galaxy Digital, and DAT firms BitMine and Sharplink. Inclusion in the Russell 3000 index means billions in passive fund inflows will automatically buy these stocks.
While this is positive for the stock prices of these Digital Asset Technology (DAT) companies, the article argues it may not directly benefit the underlying cryptocurrencies like Ethereum. DAT firms can use stock price gains to buy more crypto, but the capital doesn't flow directly to the assets. Citing David Hoffman's recent exit from ETH, the piece notes a structural issue: Ethereum's value as a public good ("giver, not taker") and the profit capture by L2s and applications mean only a small portion of ecosystem success translates to ETH's price.
Despite BitMine buying millions of ETH during its price decline, Ethereum's value has fallen significantly. The conclusion is that while index inclusion marks traditional finance acceptance, the "ETH as money" narrative is fading. New value narratives for native tokens are needed, as current mechanisms like chain revenue and buybacks may have inherent limits.
marsbit05/27 11:06
