Sber Taps into Bitcoin with New Bond Offering
Sber, Russia’s largest commercial bank, has officially launched a Bitcoin-linked bond product that is now available to qualified investors on over-the-counter (OTC) markets. The bank also plans to list it on the Moscow Stock Exchange, making it one of the first state-regulated BTC financial products in the country.
The structured bond is designed to track the performance of both Bitcoin’s price in dollars and the dollar-to-ruble exchange rate. This dual exposure offers investors a way to profit from the crypto market without directly handling cryptocurrencies.
Crypto Exposure Without Wallets
A key appeal of the product is that all transactions occur in rubles, within Russia’s legal framework, eliminating the need for crypto wallets or foreign platforms. Sber says this ensures that investors can legally gain exposure to crypto while staying compliant with domestic regulations. The bank is also planning to introduce Bitcoin futures on its SberInvestments platform, with a listing scheduled for June 4, pending approval from the Moscow Exchange.
Russia Warms Up to Crypto
Sber’s move follows a green light from the Bank of Russia, which recently authorized certain crypto-tied financial instruments for institutional investors, while continuing to prohibit direct crypto trading. Sber’s initiative came just two days after T-Bank (formerly Tinkoff) launched a similar “smart asset” product linked to Bitcoin, issued through Atomyze, a state-backed tokenization platform.
Crypto Inflows Surge in Russia
According to the Bank of Russia, Russians held 827 billion rubles ($9.2 billion) worth of cryptocurrencies on centralized exchanges as of Q1 2025. Crypto inflows have surged, rising 51% to 7.3 trillion rubles ($81.5 billion) this year alone. Bitcoin remains the dominant crypto asset, accounting for 62% of Russian CEX holdings, followed by Ethereum (22%) and stablecoins like USDT and USDC.
A New Era for Russian Investors
Sber’s BTC-linked bonds offer state-compliant crypto exposure, representing a major shift in Russia’s financial sector. With the upcoming listing on the Moscow Exchange, this marks the first time traditional investors in Russia can gain regulated access to Bitcoin-based returns through familiar financial infrastructure.
As the regulatory landscape evolves, other financial institutions are expected to follow suit, potentially making crypto-backed financial instruments a mainstream option for Russian accredited investors.
