Russia’s Largest Bank Sber Launches Bitcoin-Linked Bond Amid Regulatory Shift

Sber, Russia’s largest commercial bank, has introduced a new Bitcoin-linked bond product that tracks both the price of Bitcoin and the U.S. dollar-to-ruble exchange rate. Launched on May 30, the product is already available to qualified investors through the over-the-counter (OTC) market, with plans to list it on the Moscow Stock Exchange.

This marks a notable move in Russia’s evolving digital asset landscape, following new regulatory permissions for financial institutions to offer crypto-based financial instruments — though not cryptocurrencies themselves.

Dual Exposure: Bitcoin and Dollar Strength

Sber’s structured bond aims to generate returns from the appreciation of Bitcoin in dollar terms, along with gains stemming from the strengthening of the dollar against the ruble. All transactions are carried out in rubles within Russia’s regulatory framework, eliminating the need for crypto wallets or access to unregulated platforms.

Sber stated that listing the bond on the exchange will enhance liquidity, transparency, and accessibility for a wider group of qualified investors.

Future Plans: Bitcoin Futures on SberInvestments

Beyond the bond, Sber plans to roll out exchange-traded products (ETPs) tied to cryptocurrencies on its SberInvestments platform. The first product — a Bitcoin futures offering — is scheduled for listing on June 4, coinciding with the official launch of crypto-related products on the Moscow Exchange.

Regulatory Green Light Spurs Financial Innovation

This development follows a May 28 announcement by the Bank of Russia, which authorized accredited financial institutions to offer certain crypto-related instruments. However, these offerings must remain within a regulated structure, with direct crypto sales still prohibited.

On the same day, T-Bank (formerly Tinkoff Bank) launched a similar Bitcoin-linked investment product. Branded as a “smart asset,” it was issued via Atomyze, a state-backed tokenization platform.

Russia's Crypto Economy on the Rise

The central bank’s Q1 2025 report highlights the growing scale of crypto adoption in the country:

• Russian residents hold approximately 827 billion rubles ($9.2 billion) in crypto on centralized exchanges.

• Inflows to Russian crypto platforms surged 51%, reaching 7.3 trillion rubles ($81.5 billion).

Bitcoin dominates trading activity, accounting for 62% of volume on local exchanges, followed by Ether (22%), and stablecoins such as Tether (USDT) and USD Coin (USDC).

A New Phase in Russia's Crypto Market

Sber’s launch represents a pivotal moment for crypto-aligned finance in Russia. By integrating Bitcoin exposure into a regulated, ruble-denominated investment product, the bank opens the door for more institutional participation — all within the country's legal and financial frameworks.

As the regulatory environment continues to evolve, traditional institutions are expected to play a larger role in offering crypto exposure to Russian investors — without ever handling actual cryptocurrencies.