Russia’s largest commercial bank Sber, introduced a new bond product tied to Bitcoin’s price and the dollar-to-ruble exchange rate.
This offering lets qualified investors earn returns based on how Bitcoin moves against the US dollar and how the dollar shifts compared to the ruble.
All trading will settle in Rubles, so investors do not need a crypto wallet or to use foreign platforms.
Details of the New Bond
Sber’s structured bond allows two ways to gain. If Bitcoin’s value in US dollars goes up, holders earn from that increase. They also benefit if the US dollar strengthens against the ruble.
The bond is currently available to select investors in the over-the-counter market.
In the coming months, Sber plans to list it on the Moscow Stock Exchange. Listing on the exchange will make the product more transparent and easier to trade for a wider group of investors.
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Exchange-Traded Crypto Instruments
Alongside the bond, Sber said it will offer exchange-traded products linked to cryptocurrencies. For example, Bitcoin futures are expected on SberInvestments once the Moscow Exchange launches them on June 4.
This move gives investors another route to access crypto price movements through familiar financial tools. Sber called this step part of its ongoing efforts to bring new financial solutions to the Russian market.
Regulatory Backdrop
The timing of this bond launch follows a decision by Russia’s central bank on May 28. The bank allowed financial institutions to offer certain crypto-linked products to accredited investors.
However, banks cannot sell cryptocurrencies directly. They must use structured instruments like these bonds or futures. By creating a bond that tracks Bitcoin’s price, Sber is acting within the new rules and giving investors exposure to digital assets without directly handling them.
Russia’s Growing Crypto Market
According to a Bank of Russia report for the first quarter of 2025, Russian residents held about 827 billion rubles (around $9.2 billion) in crypto on centralised exchanges.
Crypto inflows into Russian platforms rose 51% to 7.3 trillion rubles (about $81.5 billion) over the same period. These numbers show strong local demand for digital assets.
At the same time, Russia’s mining sector is expanding rapidly. In 2024, the country’s two largest mining firms, BitRiver and Intelion, generated a combined $200 million in revenue. This growth suggests that crypto is becoming a more accepted part of Russia’s financial landscape.
Sber’s Bitcoin-linked bond marks a notable shift in how traditional banks in Russia approach digital assets. By packaging Bitcoin exposure into a regulated bond, Sber offers a way for investors to join the crypto market while staying within Russian legal and banking frameworks.
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