Moscow Exchange to Follow up BTC Futures Launch With Crypto Funds, Structured Bonds

The Moscow Exchange is set to launch a new Bitcoin (BTC) index futures offering, in addition to crypto funds and structured bonds.

The Russian exchange’s Managing Director Vladimir Krekoten said a new BTC derivative instrument launch was “imminent.”

Speaking to RBC Investments, Krekoten explained that the product would be a futures contract on a new Bitcoin index.

He explained that calculations on the index that will become the underlying asset for the contract began on June 10.

The move follows hot on the heels of the Moscow Exchange’s first Bitcoin futures contract, which debuted on June 4.

This product is available to qualified investors only. It is cash-settled in rubles and tied to the BlackRock-launched iShares Bitcoin Trust ETF (IBIT).

Krekoten suggested that the popularity of the first Bitcoin futures contract offering has inspired the exchange to fast-track the release of more crypto derivative products. He said:

“We plan to launch trading in instruments based on cryptoasset indices or ETFs as soon as demand for them from the industry begins to appear. On the other hand, regulators will become more aware of what is permissible and which clients should be allowed to access them. I can say that we are currently working on launching a futures contract on the Bitcoin index. We plan to launch it soon.”

Krekoten added that the exchange’s discussions with management companies were ongoing as the parties await regulatory approval.

The executive said the parties were discussing the launch of mutual funds and structured bonds focused on cryptoasset indices. He explained:

“We believe that the industry will soon be ready to provide clients with access to structured bonds for cryptoassets. We are technically and legally ready for this.”

The executive explained that since the June 4 launch, trading volumes on the BTC futures contract have hit a total of almost 7 billion rubles ($89,455,660).

Krekoten said that more than 10,000 investors have already traded with the product, adding: “These are very good indicators considering the instrument has only been on the market for such a short time.”

Obviously, the figures are not comparable with the volumes of futures contracts on the Moscow Exchange index. However, this is still a very high figure.”

The Managing Director dismissed claims that the exchange lacks the technical capacity to launch more crypto-related products, concluding:

“I think there are no fundamental differences between funds for any underlying asset. That is certainly true if such assets are instruments that are traded on properly organized platforms.”

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Earlier this week, a top Russian Bitcoin mining executive predicted that BTC prices could rise to a new all-time high of over $115k this summer.

He suggested that momentum could drive the coin’s price up toward or above $130k in a “moderately positive scenario.”

Also this month, a Russian power firm announced the launch of the country’s first Bitcoin mining-focused closed-end mutual investment fund.

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