Moscow Exchange debuts derivatives tracking BlackRock’s IBIT

Russia’s Moscow Exchange has officially launched cash-settled bitcoin futures trading for accredited investors, according to Russian outlet TASS. The bitcoin contracts are benchmarked to IBIT, the U.S.-listed spot bitcoin exchange-traded fund issued by BlackRock.

Quoted in U.S. dollars and settled in Russian rubles, the first set of contracts will expire in September 2025. The futures are based on IBIT, a U.S.-listed ETF, but are structured as derivative contracts, not direct trading of the ETF shares themselves.

This setup allows MOEX to offer exposure to IBIT’s Bitcoin price tracking without directly trading the U.S.-listed ETF, which is permissible under Russian regulations for qualified investors.

The launch follows recent guidance from the Bank of Russia allowing licensed financial institutions to offer crypto-based derivatives to qualified investors. While retail access remains restricted, Russian authorities have begun cautiously expanding crypto exposure for institutional players.

Russia’s central bank, alongside the Ministry of Finance, is reportedly developing a government-backed crypto trading platform for professional investors. Sberbank, Russia’s largest state-owned lender, also disclosed plans to offer structured bonds tied to cryptocurrency price movements, signaling increased institutional appetite for blockchain-linked products despite regulatory hurdles.

© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

 

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