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Russia’s Finam to Launch Structured Notes Tied to BlackRock Bitcoin ETF
Russian brokerage firm Finam is set to launch structured notes tied to BlackRock’s iShares Bitcoin Trust ETF (IBIT ETF), allowing Russian investors to gain exposure to Bitcoin investment. The news comes as a significant step towards expanding crypto-related financial products in the country.
According to Anton Dorodnev, head of innovative products at Finam, the structured notes will be available starting February 17 and have a six-month maturity period. They will only be offered to qualified investors in Russia and will be denominated in Russian rubles.
The returns on these investments will be calculated using the Bank of Russia exchange rate, offering the potential for up to 20% yields in dollar-equivalent terms if the ETF price at maturity is at least one basis point higher than its initial value. The minimum investment required for the structured notes is 200,000 rubles ($2,200), with a commission fee of 1% payable in rubles.
Finam has previously enabled Russian investors to invest in the IBIT ETF, marking another step towards increasing crypto-related financial products in the country.
The launch of these structured notes raises regulatory concerns, as some legal experts believe that they comply with Russian law, while others highlight potential legal risks. Russia’s “On Digital Financial Assets” law, effective since 2021, does not recognize Bitcoin ETFs as securities and instead classifies structured bonds as securities, creating a lack of clarity.
Despite the regulatory uncertainty, Russia has recently signaled a more flexible approach towards Bitcoin investment. In December 2024, Finance Minister Anton Siluanov stated that Russian law permits the use of Bitcoin and other digital assets for foreign trade transactions.
Finam’s launch of these structured notes in Russia tied to BlackRock Bitcoin ETF reflects the increasing demand for crypto-linked financial instruments among Russian investors.
Source: coinchapter.com
