Moscow Exchange Debuts Bitcoin Futures for Qualified Investors

On June 4, 2025, Moscow Exchange (MOEX), Russia’s largest trading platform with a $14 trillion annual trading volume, officially launched Bitcoin futures trading.

This groundbreaking financial product is exclusively available to qualified investors, marking a significant step in integrating cryptocurrency into the Russian financial ecosystem. The Bitcoin futures contracts are tied to the iShares Bitcoin Trust ETF (IBIT), issued by BlackRock, and are cash-settled in Russian rubles.

Details of the Bitcoin Futures Product

The newly launched Bitcoin futures contracts are benchmarked to the U.S.-listed IBIT ETF, which tracks Bitcoin's price. Each share of the IBIT ETF represents approximately 0.00068 Bitcoin.

The futures are quoted in U.S. dollars but settled in Russian rubles, providing a regulated avenue for Russian investors to gain exposure to Bitcoin’s price movements without directly owning the cryptocurrency. The first set of contracts will expire in September 2025.

This launch comes at a time when Bitcoin adoption is gaining momentum globally. According to Bloomberg, the IBIT ETF has already entered the list of the world’s top 25 ETFs by assets under management, with a remarkable $72.4 billion in AUM. "At 1.4 years old, IBIT is the youngest on the list by nine times," noted Bloomberg ETF analyst Eric Balchunas.

Broader Implications: Institutional Adoption and Regulatory Shifts

The introduction of Bitcoin futures on MOEX reflects a growing institutional appetite for blockchain-linked products in Russia.

Sberbank, the country’s largest bank, has announced plans to launch structured bonds tied to Bitcoin’s price movements and the dollar-to-ruble exchange rate, while also collaborating with the Moscow Exchange to offer Bitcoin futures.

However, retail investors remain excluded from these offerings, as the Russian central bank continues to discourage direct cryptocurrency investments due to concerns over financial stability and potential illicit activities.

This cautious approach contrasts with the enthusiasm seen among institutional players. The Bank of Russia and the Ministry of Finance are reportedly developing a government-backed crypto trading platform for professional investors. Meanwhile, MOEX plans to introduce qualification testing for potential investors starting June 23, 2025, ensuring that only accredited individuals can access these advanced financial instruments.

A Pioneering Step for Russia

The launch of Bitcoin futures by Moscow Exchange is a significant milestone, aligning with the growing recognition of Bitcoin as the top-performing asset of 2025, as highlighted in a recent Russian Central Bank report. This move also follows the Central Bank’s decision to allow crypto derivatives for qualified investors, marking a cautious yet progressive regulatory shift.

By introducing Bitcoin futures, Russia takes another step toward integrating digital assets into its financial system.