The Moscow Exchange (MOEX) continues to ramp up its presence in the global financial markets with a bold step into Ethereum-linked financial instruments. Just weeks after introducing its first Bitcoin index futures contract, the exchange has now announced the upcoming launch of a new futures product tied to one of the world’s most significant Ethereum exchange-traded funds (ETFs).
Maria Patrikeyeva, Managing Director of the Moscow Exchange Derivatives Market, confirmed this new development during an interview with the Russian business outlet RBC. She revealed that the exchange will launch the Ethereum futures product in August 2025. According to Patrikeyeva, this new offering will track the iShares Ethereum Trust ETF, an Ethereum-focused investment fund run by global asset management giant BlackRock.
A Strategic Expansion into Ethereum
The new Ethereum futures contract marks a significant move for MOEX, solidifying its growing interest in digital assets. Patrikeyeva explained that the contract’s underlying asset will be the iShares Ethereum Trust ETF, which began trading on NASDAQ in July 2024. MOEX will price the futures contract based on the value of a single share of the fund.
“The contract size will be slightly smaller than what we use for the IBIT [iShares Bitcoin Trust ETF],” she said, referencing the exchange’s existing Bitcoin futures instrument.
By choosing BlackRock’s ETF as the benchmark, MOEX aligns itself with one of the most influential names in global finance. BlackRock’s reputation and track record lend the Ethereum ETF credibility, making it an attractive instrument for Russian institutional investors.
Bitcoin Futures Paved the Way
This Ethereum product follows MOEX’s initial crypto-linked futures instrument launched on June 4, 2025. That offering tracks the value of BlackRock’s iShares Bitcoin Trust ETF (IBIT), another NASDAQ-listed fund. MOEX settled the contract in rubles, offering qualified investors a localized way to gain exposure to Bitcoin without directly owning the digital asset.
This product remains available exclusively to qualified investors in Russia. MOEX designed the offering to be cash-settled, minimizing direct crypto exposure while still enabling participation in the asset’s market dynamics. Since its launch, the product has seen steady demand and has encouraged the exchange to accelerate the development of additional crypto-based derivatives.
Patrikeyeva confirmed that more crypto-focused products will hit the market next month, hinting at a robust pipeline in the works. With interest from institutional players growing, MOEX aims to become Russia’s primary regulated gateway to digital asset investment.
Looking Beyond Crypto: US Bonds and Chinese Tech
MOEX is not limiting its innovation to crypto derivatives. The exchange is also preparing to launch a futures contract that tracks the iShares 20+ Year Treasury Bond ETF (TLT). This product will mark the first time that MOEX offers a futures instrument linked to the performance of United States debt securities.
Patrikeyeva emphasized the importance of this move, noting that Russian investors now seek diversified exposure to global financial instruments. “The new TLT-based futures will help qualified investors hedge and gain exposure to the US government bond market,” she said.
Additionally, MOEX plans to debut futures contracts for two Chinese tech giants — Tencent and Xiaomi — this week. Both companies trade on the Hong Kong Stock Exchange, and Russian investors have shown increasing interest in their equities due to China’s strong tech sector performance and growing influence.
These futures contracts will allow Russian investors to speculate on or hedge against price movements in major Asian tech firms without dealing with the complications of offshore brokerage accounts or foreign currency conversions.
Regulatory Approval in the Pipeline
While MOEX aggressively pushes forward with new financial instruments, it remains engaged with regulators to secure the necessary approvals for additional product categories. The exchange awaits the green light to launch mutual funds and structured bonds based on cryptoasset indices. These products will expand MOEX’s investment offerings beyond derivatives, giving investors access to crypto-related returns through more traditional and regulated vehicles.
Patrikeyeva expressed confidence in the regulatory review process and emphasized MOEX’s commitment to full compliance. “We are working closely with the relevant authorities to ensure all new offerings meet the highest standards of investor protection,” she said.
If approved, these mutual funds and bonds could appeal to a broader investor base, including retail participants who currently cannot access the existing crypto futures products due to qualification restrictions.
MOEX’s Larger Vision
The Moscow Exchange has made its strategic direction clear: it intends to diversify beyond local equities and commodities and become a central hub for accessing global financial markets — all through a Russian-regulated platform.
This vision includes a deeper integration of cryptocurrencies, US securities, and Chinese equities, all via derivative contracts tailored for local investors. MOEX wants to meet the growing demand for diversified investment options while navigating the unique constraints of the Russian financial system.
The timing of these launches coincides with a broader shift in Russia’s investment climate. With Western financial institutions largely inaccessible due to geopolitical tensions, MOEX fills the gap by offering domestic pathways to global exposure.
In recent years, Russian investors have shown increased interest in assets that offer inflation protection, diversification, or high-growth potential. Cryptocurrencies, US government bonds, and Chinese tech stocks check all these boxes. MOEX recognizes this trend and is building a lineup of products to capitalize on it.
Global Influence, Local Execution
MOEX’s adoption of BlackRock’s ETFs as the benchmark for its Bitcoin and Ethereum futures reflects a pragmatic approach. Instead of developing its own indices or crypto funds — a task that would require significant resources and regulatory approvals — the exchange links its instruments to globally recognized products.
This strategy allows MOEX to deliver reliable and trustworthy products without reinventing the wheel. Russian investors get the benefit of exposure to world-class ETFs through a familiar, ruble-settled framework.
This structure also insulates investors from the volatility and complexity of holding crypto directly, such as private wallet management or navigating decentralized exchanges. With derivatives tied to regulated ETFs, MOEX offers a simplified but effective path to digital asset exposure.
What’s Next?
Looking ahead, MOEX’s trajectory points toward an increasingly globalized, investor-focused exchange model. The coming months could bring:
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Futures products based on other leading crypto ETFs (e.g., Solana, Avalanche, or multi-asset crypto funds)
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Structured investment products tied to crypto indices or global equity baskets
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Expanded eligibility criteria allowing more retail investors to access crypto-linked products
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Collaboration with international asset managers and ETF providers
Maria Patrikeyeva and her team have made it clear: the Moscow Exchange will continue expanding its derivative product lineup to match international trends and investor demand.
By fusing global asset exposure with ruble-based instruments, MOEX aims to become the go-to destination for Russian investors seeking modern, diversified financial opportunities — all under local regulatory oversight.
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