- Sberbank issues Bitcoin-linked structured bonds offering double exposure: to BTC’s USD price and USD/RUB exchange rate movements.
- Bonds trade OTC in rubles under Russian law for qualified investors; future issues planned for Moscow Exchange listing.
Sberbank has issued structured bonds connected to Bitcoin’s price movement. A bank representative confirmed this information. These bonds offer investors double exposure. Returns depend on Bitcoin’s US dollar value and potential US dollar gains against the Russian ruble.
Investors conduct all transactions in Russian rubles
The bonds operate under Russian law and use local financial infrastructure. Sberbank’s representative emphasized these points. Access to the bonds is currently limited. Only qualified investors can purchase them on the over-the-counter market.
The bank plans future offerings tied to cryptocurrency prices. It intends to list these subsequent bonds directly on the Moscow Exchange. Sberbank also aims to provide access to exchange-traded crypto-linked instruments. For instance, its brokerage arm, SberInvestments, will offer a Bitcoin futures contract. This will happen after the Moscow Exchange launches its own futures product. The exchange announced a June launch target for its Bitcoin futures.
This activity follows a late May announcement from Russia’s central bank. The Bank of Russia stated that credit institutions may offer qualified investors specific instruments. These include securities, derivatives, and digital assets linked to cryptocurrency prices. A key condition exists: these instruments cannot involve the physical delivery of cryptocurrency.
