Galaxy Digital and BRC were among the financial sector companies added to the Russell 3000 index in its latest annual reconstitution, while eHealth and SelectQuote were removed from the benchmark.

The Russell 3000, which tracks the performance of the largest 3,000 publicly traded U.S. companies, undergoes annual reconstitution to reflect changes in market capitalization and ensure the index accurately represents the broader U.S. equity market.

Galaxy Digital, a digital asset and blockchain technology company, and BRC, a financial services firm, gained inclusion in the widely-followed index. The additions reflect the companies' growth in market value and trading activity over the past year.

Meanwhile, eHealth and SelectQuote, both insurance-related companies, were dropped from the index. The removals typically occur when companies fall below the market capitalization thresholds required for inclusion or experience reduced trading volumes.

The annual Russell reconstitution, which takes effect after market close on the last Friday in June, is closely watched by institutional investors as it can trigger significant buying and selling activity. Index funds and exchange-traded funds that track the Russell indices must adjust their holdings to match the new composition.