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Moscow Exchange (MOEX), Russia’s predominant stock exchange, commenced futures trading for BlackRock’s iShares Bitcoin Trust ETF (IBIT), as the fund ascended into the global top 25 ETFs by assets under management (AUM).
MOEX unveiled a futures contract linked to IBIT on June 4, according to a notification by the exchange.
The newly introduced investment product is available solely to accredited investors, with MOEX planning to roll out qualification assessments beginning June 23.
The debut coincides with IBIT joining the roster of the top 25 ETFs globally, boasting an AUM of $72.4 billion, as per Bloomberg’s senior ETF analyst Eric Balchunas.
Numerous crypto offerings launch in Russia
The introduction of IBIT futures trading by Moscow Exchange marks the latest crypto investment product rollout in Russia since the Bank of Russia permitted financial institutions to provide crypto products to accredited investors in May.
In the wake of this approval, major domestic commercial banks, including Sber and T-Bank (previously Tinkoff Bank), have initiated offerings of investment instruments connected to cryptocurrencies like Bitcoin (BTC).
Despite this growth, the Russian central bank remains wary of direct crypto investments and continues to advise against retail engagement in digital asset markets.
Retail investors dissatisfied
Since products such as IBIT ETF futures are exclusively accessible to accredited investors, numerous retail investors are unimpressed with the current crypto advancements in Russia.
“Not authentic ETFs from the US, merely a duplicate. Which does not influence the crypto market whatsoever,” remarked one displeased observer on the DeCenter channel on Telegram.
Another commentator suggested they would prefer to directly trade cryptocurrencies on exchanges like Binance instead of engaging with crypto investment products on MOEX.
According to official data from MOEX, the number of individuals holding brokerage accounts on MOEX reached 36.9 million as of May. In the preceding month, at least 3.6 million individuals executed transactions on the MOEX stock market, with 315,000 individuals representing accredited private investors.
IBIT solidifies position among ETF titans
BlackRock’s IBIT has sustained its remarkable ascent since its inception in January 2024. On June 3, the ETF claimed a spot on the global top 25 list by assets under management, a remarkable achievement within just over a year.
“At 1.4 years old, IBIT is the youngest on the list by nine times,” Bloomberg’s ETF expert Balchunas mentioned on X on Tuesday.
Related: BlackRock’s Bitcoin ETF concludes 31-day inflow streak with largest outflow ever
“It’s akin to an infant mingling with teenagers and young adults. Quite possibly the most astonishing IBIT statistic yet,” he added.
BlackRock’s IBIT Bitcoin ETF has been setting records since its historic launch in January 2024. In merely three months, IBIT garnered almost $15.5 billion of inflows, which positioned it among the top 10 longest inflow streaks for any ETF in history.
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