Русский
The Moscow Exchange (MOEX) launched trading in futures contracts on June 4, on shares of the iShares Bitcoin Trust ETF fund, the value of which is tied to the value of Bitcoin (BTC). This is a settlement instrument, with an expiration date of September 19, 2025. Russia is seen as entering the global crypto market through regulated instruments and with the launch of such futures on MOEX.
The first Moscow exchange futures trading of cryptocurrency assets was active, with the volume of transactions exceeding ₽423 million (US$5.3 million) in value amongst 8,600 transactions were made. Interest in purchasing such assets is high, although only qualified investors can buy them. Currently the Central Bank and the Ministry of Finance are also working on an experimental crypto market regime for “super-qualified investors” with investments of ₽100 million or more.
In addition, the limitation of the new instrument is that it is linked not to the value of Bitcoin, but to the value of the exchange-traded fund (ETF), the assets of which are formed through that cryptocurrency. Nevertheless, market participants expect the trading volume to grow, reaching the levels of futures on leading fiat currencies.
The iShares Bitcoin Trust ETF (managed by investment company BlackRock) is one of the largest BTC-ETFs with net assets of $70 billion. The fund owns more than 659,000 bitcoins. Its launch in 2024 was an important step that allowed for institutional investors to actively get involved. Trading on the MOEX started at $65 then dropped to $61.15, which is still higher than the price on NASDAQ ($60.40), indicating expectations of growth. Russian brokers are also starting to launch their products, including Sber, Alfa-Capital, and others offering bonds tied to the price of Bitcoin.
Further Reading
Russia To Permit Foreign Bank Branches & Cryptocurrency Settlements
