What You Need to Know:
- The Moscow Exchange has launched bitcoin-linked futures contracts available only to qualified investors.
- These futures are based on the iShares Bitcoin Trust ETF’s value, priced in U.S. dollars, while settlements will occur in Russian rubles.
- This initiative follows the recent approval by the Bank of Russia for crypto-linked derivatives.
The Moscow Exchange now offers bitcoin-linked futures products, strictly for qualified investors starting Wednesday. These contracts are connected to the value of the U.S.-listed iShares Bitcoin Trust ETF (IBIT), quoted in U.S. dollars per contract, but settled in Russian rubles.
The exchange is preparing to provide quarterly future contracts, with the inaugural expiration set for September 2025, as reported by TASS.
This offering aligns with various Russian financial institutions exploring crypto markets without direct ownership of the assets; for instance, the Saint Petersburg Stock Exchange is testing comparable cash-settled futures.
Additionally, Sberbank, Russia’s largest banking institution, is also rolling out its bitcoin futures and structured bonds, which will track both the price of bitcoin and the dollar-to-ruble exchange rate.
Despite the Central Bank of Russia’s previous skepticism towards cryptocurrencies, it authorized the introduction of securities and derivatives linked to cryptocurrencies last month, provided these are reserved for qualified investors.
