Over the next few days, we’ll see another rebalancing of the Russell 2000, which typically expands awareness of added stocks, increases liquidity of a stock, and can help drive longer-term growth. “Thousands of stocks are impacted by what Russell calls its reconstitution,” says The Street. “Typically the day on which the reconstitution is down is one of the highest volume days of the year as a slew of huge blocks are transferred to various index funds.” Some of the top stocks that will be added to the Russell 2000 include CleanSpark Inc. (NASADQ:CLSK), Aterian Inc. (NASDAQ:ATER), MicroVision Inc. (NASDAQ:MVIS), Privia Health Group Inc. (NASDAQ:PRVA), and Marathon Digital Holdings Inc. (NASDAQ:MARA).
Look at CleanSpark, Inc. (NASDAQ:CLSK), for example
CleanSpark just announced that it is set to join the Russell 2000 Index at the conclusion of the 2021 Russell indexes annual reconstitution, effective after the U.S. market opens on June 28. The Russell 2000 is a benchmark stock index comprised of 2,000 publicly-traded small-capitalization companies. The Company also recently appointed industry veteran Bernardo Schucman as the Senior Vice President of its Atlanta-based Bitcoin mining center.
As a new addition to the management team at CleanSpark, Schucman will oversee its Bitcoin mining and data center operations. He brings with him over seven years of Bitcoin mining and cryptocurrency data center operations experience and most recently served as the co-founder and CEO of both Fastblock and ATL Data Centers (“ATL”) prior to ATL being acquired by CleanSpark. In addition to his cryptocurrency expertise, Schucman has more than 20 years of experience as a tech entrepreneur, software engineer and blockchain engineer in the U.S. and Brazil.
CleanSpark President and CEO Zachary Bradford says, “Bernardo has been consulting with the Company since we purchased ATL Data Centers. We are thrilled to officially welcome him and his wealth of experience to lead our Atlanta mining team as we continue to grow rapidly, profitably and as efficiently as possible. CleanSpark succeeded in its bid to purchase ATL last December because of CleanSpark’s proven track record in energy, which is the backbone of cryptocurrency mining. We also shared a common belief with Bernardo on the importance of renewable and carbon free energy sources to support the future of the blockchain. Bernardo’s impressive background and industry expertise will be an asset to the Company.”
Mr. Bradford added, “CleanSpark’s presence in the Russell 2000 index is another monumental moment that is a result of the considerable growth over the past year.”
The Annual Russell indexes reconstitution captures the 4,000 largest U.S. stocks as of May 7, ranking them by total market capitalization. Membership in the U.S. all-cap Russell 3000 Index, which remains in place for one year, means automatic inclusion in the large-cap Russell 1000 Index or small-cap Russell 2000 Index as well as the appropriate growth and value style indexes. FTSE Russell determines membership for its Russell indexes primarily by objective, market-capitalization rankings and style attributes.
Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. Approximately $10.6 trillion in assets are benchmarked against Russell’s U.S. indexes. Russell indexes are part of FTSE Russell, a leading global index provider.
CleanSpark has now exceeded 400 PH in hashrate capacity and mined over 341 Bitcoin since the acquisition of ATL Data Centers. For more information about CleanSpark’s Bitcoin operation, visit https://www.cleanblok.com/.
Other related developments from around the markets include:
Aterian Inc. announced that it is set to join the small-cap Russell 2000 Index and broad-market Russell 3000 Index, at the conclusion of the 2021 Russell indexes annual reconstitution, effective after the US market opens on June 28. “We are very pleased that Aterian is set to join the Russell 2000 Index,” said Yaniv Sarig, Co-Founder and CEO of Aterian. “Inclusion in this index is a reflection of the progress we have made since going public in 2019 and marks another step forward in continuing to expand our reach more broadly within the investment community.”
MicroVision Inc., a leader in MEMS based solid state automotive lidar and micro-display technology for augmented reality, announced that it is set to join the Russell 2000 Index at the conclusion of the 2021 Russell indexes annual reconstitution, effective after the US market opens on June 28, according to a preliminary list of additions posted June 4.
Privia Health Group Inc., a technology-driven, national physician enablement company that collaborates with medical groups, health plans and health systems, today announced that it is set to join the Russell 2000® Index at the conclusion of the 2021 Russell indexes annual reconstitution, effective after the U.S. market opens on June 28, 2021. “The expected addition of Privia Health to the Russell 2000 Index is the latest milestone in our Company’s history, and closely follows our initial public offering and listing on the Nasdaq Global Select Market in late April of this year,” said Shawn Morris, Chief Executive Officer of Privia Health. “Our inclusion in this index will expand awareness of Privia Health within the investment community, increase the liquidity of our stock, and support our efforts to broaden our shareholder base and drive long-term shareholder value.”
Marathon Digital Holdings Inc., one of the largest enterprise Bitcoin self-mining companies in North America, is set to join the Russell 2000® Index at the conclusion of the 2021 Russell indices’ annual reconstitution, effective after the U.S. stock markets open on June 28, 2021. The stock will also be automatically added to the appropriate growth and value indexes.
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