The Moscow Exchange (MOEX), the main stock exchange of Russia, has taken a significant step in the crypto world for Moscow: on June 4, the exchange officially launched the trading of futures linked to BlackRock’s iShares Bitcoin Trust ETF (IBIT),
This marks a crucial moment for the Russian financial market. This new financial instrument is currently accessible exclusively to accredited investors, with the introduction of qualification tests scheduled for June 23.
The launch comes at a time when IBIT has reached an important milestone: it has entered the global top 25 ETFs for assets under management (AUM), with managed assets of 72.4 billion dollars, according to Eric Balchunas, senior analyst at Bloomberg.
The expansion of crypto products in Moscow: Bitcoin futures ETF
The debut of IBIT futures represents only the latest development in a series of initiatives that are transforming the landscape of cryptocurrency investments in Russia.
In May, the Banca di Russia officially authorized financial institutions to offer cryptographic products to qualified investors. This green light paved the way for a rapid expansion of the offering of instruments linked to cryptocurrencies.
In response, some of the main Russian commercial banks, including Sber and T-Bank (formerly Tinkoff Bank), have started offering their clients financial instruments linked to Bitcoin and other digital assets.
However, despite this opening, the Russian central bank maintains a cautious stance, continuing to discourage retail investors’ participation in the bull and bear cryptocurrency markets.
Not everyone, however, welcomes these innovations with enthusiasm. The fact that futures on ETFs like IBIT are reserved exclusively for accredited investors has sparked frustration among retail investors.
On channels like DeCenter on Telegram, some users have expressed their disappointment. “They are not real ETFs from the United States, just a copy. Which does not affect the cryptocurrency market in any way,” commented a user.
Another observer stated a preference for direct trading of cryptocurrencies on platforms like Binance, rather than investing in structured products offered by MOEX.
“`html Significant, but selective numbers “`
According to the official data from MOEX, in May there were 36.9 million individuals with brokerage accounts at the exchange.
Of these, 3.6 million carried out transactions on the stock market during the month, but only 315,000 are classified as qualified private investors.
This means that a large portion of the population interested in investments remains excluded from the new crypto instruments.
The iShares Bitcoin Trust ETF (IBIT) by BlackRock has recorded impressive growth since its launch in January 2024.
In just over a year, the fund has managed to enter the global top 25 ETFs by assets under management, a feat that distinguishes it as one of the youngest ETFs to achieve this milestone.
“At 1.4 years, the IBIT is the youngest on the list of nine times,” wrote Balchunas on X, highlighting the exceptional nature of the result. “It’s like a child hanging out with teenagers and twenty-somethings. Probably the craziest IBIT statistic ever,” he added.
The success of IBIT is not limited to the AUM ranking. In the first three months since its launch, the fund attracted almost 15.5 billion dollars in inflows, positioning itself among the top 10 longest inflow streaks in ETF history.
This data confirms the growing interest of institutional investors towards regulated instruments linked to Bitcoin, in a context of increasing legitimization of cryptocurrencies in traditional financial markets.
A look to the future
The launch of IBIT futures in Moscow represents an important step for the integration of cryptocurrencies into the Russian financial markets, but the path is still long.
The limitation of access to accredited investors and the caution of the central bank indicate that the Russian cryptocurrency market is still in the development and regulation phase.
However, the interest of major financial institutions and the entry of funds like IBIT into the global top 25 suggest that the sector is destined to grow.
It remains to be seen if, and when, retail investors will also be able to fully participate in this new phase of the crypto market in Russia.
