Russia’s largest lender, Sber, has launched a Bitcoin-linked bond that offers investors returns based on the performance of Bitcoin and the USD-to-ruble exchange rate. The product is now available to qualified investors via the over-the-counter (OTC) market, with plans for a future listing on the Moscow Stock Exchange.

In its official statement, Sber emphasized that the listing will improve accessibility, transparency, and liquidity, making it easier for a broader investor base to gain exposure to digital assets—without directly holding cryptocurrency.

The new structured bond is designed to let investors profit from Bitcoin’s price movement in USD and the U.S. dollar’s strength against the ruble. Importantly, all transactions are executed in rubles and fully comply with Russian financial regulations, eliminating the need for crypto wallets or unregulated platforms.

Alongside the bond, Sber plans to introduce exchange-traded products on its SberInvestments platform, starting with a Bitcoin futures offering, expected to go live on June 4, aligned with the Moscow Exchange’s upcoming crypto product launch.

The rollout coincides with a major policy shift from the Bank of Russia, which on May 28 approved the sale of crypto-linked financial instruments to accredited investors—while still banning the direct sale of cryptocurrencies.

On the same day, T-Bank (formerly Tinkoff Bank) launched its own Bitcoin-tied product, branding it a “smart asset” through Atomyze, Russia’s state-backed tokenization platform.

The central bank’s latest quarterly review revealed that Russian residents hold about 827 billion rubles ($9.2 billion) worth of crypto on centralized exchanges. It also noted a 51% increase in crypto platform inflows, totaling 7.3 trillion rubles ($81.5 billion) in Q1 2025.

Bitcoin remains the most popular digital asset in Russia, holding a 62% market share, followed by Ethereum (ETH) at 22%, and stablecoins such as USDT and USDC.