Moscow Exchange Launches Bitcoin Futures Tied to BlackRock ETF

The Moscow Exchange has introduced Bitcoin futures tied to BlackRock's iShares Bitcoin Trust ETF (IBIT), marking a significant development in Russia's financial landscape. This move allows qualified investors to gain exposure to Bitcoin without directly holding the cryptocurrency. The futures contracts, which will be settled in Russian rubles, are designed to track the performance of the IBIT ETF, which has seen substantial growth since its inception. The ETF currently holds over 660,000 BTC and has an assets under management (AUM) of $72.4 billion, placing it among the top 25 ETFs globally by AUM.

The launch of these futures contracts is part of a broader trend in Russia, where financial institutions are increasingly offering crypto-linked products. This trend is driven by new regulations introduced by the Bank of Russia in May, which have paved the way for banks like Sberbank and T-Bank to roll out their own Bitcoin futures and structured products. However, access to these products is restricted to accredited investors, reflecting Russia's cautious stance on cryptocurrencies. The central bank advises against direct participation in digital asset markets by retail investors, aiming to ensure safer participation for institutional investors.

The decision to limit access to accredited investors has sparked dissatisfaction among retail investors, who feel excluded from the opportunity. Many retail traders prefer direct trading of Bitcoin on exchanges rather than participating in futures products tied to Bitcoin. Despite this, the launch of Bitcoin futures on the Moscow Exchange signals a growing interest in cryptocurrency exposure within the Russian financial sector. The futures contracts, which expire in September 2025, offer quarterly contracts, allowing investors to gain exposure to Bitcoin's price movements through the performance of BlackRock's Bitcoin ETF. This ETF represents a fractional amount of Bitcoin per share, providing a regulated investment vehicle for those interested in cryptocurrency.

Russia’s growing interest in crypto comes amid broader shifts in global financial markets. The success of the BlackRock Bitcoin ETF underscores the increasing institutional adoption of crypto-based financial products. This move comes just days after IBIT’s impressive rise to become one of the world’s top 25 exchange-traded funds by assets under management (AUM).

Meanwhile, Russia’s largest bank, Sberbank, is planning to launch a new investment product tied to Bitcoin’s price movements. These structured bonds are currently available to a select group of qualified investors via the over-the-counter market. Unlike typical crypto investments, the structured bonds provide exposure to Bitcoin without requiring a crypto wallet or dealing with unregulated foreign platforms. Instead, the entire transaction process is conducted in rubles within Russia’s financial and regulatory framework.