Russia’s Largest Bank Launches Bitcoin-Linked Bonds

Sber, the largest commercial bank in Russia, has introduced a new investment product — bonds linked to Bitcoin — now available on the over-the-counter (OTC) market, with plans for future listing on the Moscow Stock Exchange.

This new structured product tracks changes in both the price of Bitcoin and the USD/RUB exchange rate. According to a statement released on May 30, Sber emphasized that listing the product on the Moscow Exchange will enhance transparency, liquidity, and accessibility for qualified investors.

The bank noted that the bonds are settled entirely in rubles and fully comply with Russian regulatory requirements. As a result, investors do not need to use cryptocurrency wallets or unregulated platforms to participate.

Sber explained that these bonds provide an opportunity for investors to potentially earn returns from two sources: increases in Bitcoin’s USD value and the appreciation of the dollar against the ruble.

In addition to the Bitcoin-linked bonds, Sber also announced plans to launch other crypto-related exchange-traded products through its SberInvestments platform. The first of these — a Bitcoin futures product — is expected to be listed on June 4, pending the official launch by the Moscow Exchange.

Green Light for Crypto Products in Russia

Sber’s move follows recent regulatory developments: on May 28, the Bank of Russia approved the offering of certain crypto-related financial instruments to qualified investors. However, a key restriction remains — financial institutions are still prohibited from offering direct exposure to cryptocurrencies.

On the same day, T-Bank (formerly Tinkoff Bank), based in Moscow, also introduced an investment product tied to Bitcoin’s price. The product, labeled a “smart asset,” is issued via Atomyze — a state-backed tokenization platform.

According to the Russian central bank’s Q1 2025 review, residents of Russia held approximately 827 billion rubles (around $9.2 billion) worth of crypto on centralized exchanges. During the same period, capital inflows to Russian crypto platforms rose by 51%, reaching 7.3 trillion rubles (roughly $81.5 billion).