Russia’s largest exchange group, the Moscow Exchange, began offering Bitcoin futures contracts on June 4th, 2025, marking a significant development for qualified Russian investors seeking regulated exposure to Bitcoin without direct ownership.

The cash-settled contracts, denominated in rubles, are linked to the U.S.-listed iShares Bitcoin Trust ETF (IBIT), which reflects the market price of Bitcoin. 

Each IBIT share equates to 0.00068 Bitcoin. While priced in U.S. dollars per Bitcoin, the contracts will settle in Russian rubles.

Initial trading began Wednesday, with the first contracts set to expire in September 2025. 

The launch follows the Russian central bank’s recent approval allowing crypto-based derivatives for qualified investors—a shift from its previous discouragement of direct Bitcoin and crypto investments.

Sberbank, Russia’s largest lender, is also preparing to roll out its own Bitcoin-linked product: exchange-traded notes (ETNs) that mirror Bitcoin’s price movements while avoiding direct ownership.

The launch reflects broader momentum in Bitcoin, as demand for institutional-grade Bitcoin exposure continues to grow globally. 

However, while these futures offer a regulated gateway to Bitcoin exposure, traditional financial institutions in Russia remain restricted from holding Bitcoin itself.

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