From Wall Street to Moscow: BlackRock’s Bitcoin ETF Gets Russian Futures Debut

Russia’s largest stock exchange, the Moscow Exchange (MOEX), has introduced futures trading for BlackRock’s iShares Bitcoin Trust ETF (IBIT), as the fund climbs into the top 25 ETFs globally by assets under management (AUM).

According to a June 4 announcement from MOEX, the new IBIT futures contract is now available, though exclusively to accredited investors. The exchange also plans to implement qualification testing for these investors starting June 23.

This launch coincides with IBIT’s entry into the world's top 25 ETFs by AUM, hitting $72.4 billion, as reported by Bloomberg senior ETF analyst Eric Balchunas.

Russia’s Crypto Investment Offerings Expand

MOEX’s move marks the latest in a wave of crypto-related investment products emerging in Russia, following a May decision by the Bank of Russia allowing licensed institutions to offer crypto products to qualified investors.

Since the regulatory green light, major Russian banks like Sber and T-Bank (formerly Tinkoff Bank) have begun providing crypto-linked investment tools, including exposure to Bitcoin, which was trading at $104,522.

Despite these developments, the Russian central bank remains hesitant about broader crypto access. It continues to caution against direct crypto investments and restricts retail investor participation in digital asset markets.

Retail Investors Left Out

Retail investors have voiced frustration over being excluded from these new offerings. With IBIT ETF futures limited to accredited participants, some are dismissing the product’s relevance.

“Not real ETFs from the US, just a copy. Which does not affect the crypto market in any way,” one Telegram user commented on the DeCenter channel. Another observer remarked that they preferred trading actual crypto assets on platforms like Binance rather than engaging with investment products on MOEX.

As of May, MOEX reported having 36.9 million brokerage accounts. At least 3.6 million of those were active traders last month, with 315,000 classified as qualified private investors.

IBIT's Historic Rise

BlackRock’s iShares Bitcoin Trust (IBIT) has achieved remarkable growth since launching in January 2024. On June 3, it officially entered the global top 25 ETFs by assets—accomplishing the feat in just over a year.

“At 1.4 years old, IBIT is the youngest on the list by nine times,” wrote Balchunas on X. “It’s like an infant hanging out with teenagers and twenty-somethings. Quite possibly the most insane IBIT stat yet,” he added.

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IBIT’s rapid ascent has been historic. In only three months, it brought in $15.5 billion in inflows, placing it among the top 10 longest inflow streaks of all time for any ETF.