BlackRock Bitcoin Futures Contract Comes to Russia: A Derivative on the ETF, Not Bitcoin

The Moscow Exchange has approved the specifications for a futures contract based on the iShares Bitcoin Trust ETF, marking a significant integration of BlackRock's structure into the Russian financial market. This contract, linked to BlackRock's ETF with the ISIN US46438F1012, is available only to qualified investors and represents a cash-settled derivative rather than direct Bitcoin ownership. Settlements are conducted in US dollars, with clearing through the Moscow Exchange and pricing based on the ETF's NAV via Cbonds. Executions occur on the third Friday of each month at a price matching the ETF NAV. Essentially, this product is a derivative on BlackRock's fund, not Bitcoin itself, enabling participants to gain exposure while bypassing direct ownership restrictions. While this facilitates access to crypto-like assets, it does not offer true decentralization, instead reflecting a shift towards controlled, regulated assets aligned with digital transformation goals.