New tools of crypto -investors: what you need to know

To date, about ten participants in the financial market have launched investment tools with binding to virtual currencies. Structural bonds, derivative financial instruments and digital financial assets (TsFA) are already available to qualified investors. In the future, the expansion of both the line of tools and the list of basic assets, as well as infrastructure risks and rigid competition with foreign sites, are expected.

“Kommersant” examined the features of the tools with binding to cryptocurrency quotes, which began to offer their customers about ten participants in the financial market. The emergence of such instruments in the Russian Federation became possible after the publication of the relevant letter of the Central Bank (See “Kommersant” from May 28). The key condition is the lack of cryptocurrency supply. Tools are available only to qualified investors. The Bank of Russia recommended to the issuers to conservatively evaluate the risks of tools by fully covered with capital.

One of the first tools for cryptocurrency assets of steel Structural bondsadditional income for which, as well as the repayment, are tied to the value of the basic asset. Such papers were released by Rumberg (together with the Alfa-Capital Criminal Code), Sberbank Kib and VTB, which previously placed dozens and even hundreds of similar securities. This time, all three issuers used the binding of only one basic asset – shares of ISHARES BITCOIN TRUST ETF (IBIT), one of the largest cryptocurrency exchange funds running BlackRock (net assets of more than $ 70 billion, on the balance of 668 thousand BTC). The paper itself is medium-term, the period of circulation is one or two years.

At the same time, bonds differ in the level of capital protection. VTB released papers with 100 percent protection, Whereas bonds of Sberbank Kib do not have it. This means that even with the most negative outcome, the owner of the structural bond of VTB will be paid 100% of the body of the debt. Sberbank KIB estimates payments under a stress scenario in the amount of 30% of the face value. At the same time, the more risky papers of Sberbank in the future have a higher profitability – according to the issuer, up to 75% per annum, while the maximum profit on VTB papers is estimated at 30% per annum.

At the same time, issuers warn that all calculations on profits and losses are given only “based on historical data”.

Also, the passport of the Sberbank Kib bond indicates: “Changing the market situation cannot be predicted … Real investment results may be worse.”

Tsfa for crypto assets So far, only two issuers were released-T-Bank (at the atomiz) and Alfa-Bank (at the A-Token site). Moreover, T-Bank (through the TB Capital) has so far the only issuer that provided Bitcoin tools. Two short -term issues were made (for a period of one month). At the same time, in the first issue when repayment, the value of the CF will be determined by the cost of the basic asset + 2%. Alfa-Bank made two issues of the CFF tied to the cost of ISHHARES BITCOIN TRUSTF and ISHHARES EThereum Trust ETF (with pure assets over $ 4.3 billion). These tools are also short -term (one month).

Urgent instruments for crypto assets have become a wide variety of groups. The Moscow exchange launched Three -month futures contracts with binding to ISHHARES BITCOIN TRUST ETF shares (See “Kommersant” from June 5). Moreover, interest in them turned out to be quite high – over seven trading days, the volume of transactions exceeded 4.2 billion rubles, and their number reached 53.5 thousand. “The launch of the futures became a logical and timely step in the development of our line,” the exchange said.

A wide list of over -and -off products – options with binding to the shares of ISHHARES BITCOIN TRUSTF and ISHHARES ETHEREUM TRUST ETF – introduced the company « BCS World of Investments ». The minimum amount of investment in all cases starts from 1 million rubles. The urgency of the tools is from one year to five years, for short -term options, the level of capital protection is 80–85%, for long -term – 100%. At the same time, the coefficient of participation in the movement of the asset value is from 95% to 175%. IR “Figure Broker” offers investors forward contracts also tied to the cost of ISHHARES BITCOIN TRUST ETF and ISHHARES ETEREUM TRUST ETF.

This is largely due to the interest of investors in leading cryptocurrency – Bitcoin. Currently, his quotes are near $ 105 thousand, only a little losing the historical maximum ($ 112 thousand). Since the beginning of 2025, Bitcoin has risen in price by 12%, and in a year and a half – more than 2.5 times. And investors should expect an expansion of a list of tools on a crypt. According to Alexander Kretov, the head of the development of blockchain technologies of T-Bank, over time, the market participants « will build crypto-fiat infrastructure, which will contribute to the emergence of new products with binding precisely to cryptocurrency itself. »

So, “Finams” develops a wide range of tools – both structural products and derivatives. Bitcoin, ether, solan and other cryptocurrencies will perform the basic assets of derivative tools. According to Dmitry Lesnov, Deputy General Director for Broke Business Business, new tools will be available to customers before the end of the month. In the “Go Invest” they decided to tie their tools to the dynamics of Toncoin, cryptocurrencies from The Open Network. BCS Forex is going to offer investments in cryptocurrencies through derivative financial instruments (PFI). “It will be a PFI for Bitcoin and ether, as well as access to ISHHAHES BITCOIN TRUST ETF and Proshares Bitcoin ETF,” the company said.

However, not all market participants optimistically look at the prospects for launching such tools.

“So far, the infrastructure has not been created, therefore it is too early to talk about products,” said Igor Danilenko, head of the investment director, head of the Assets of Renaissance Capital Asset. According to Mikhail Smirnov, the director of the cryptocurrency exchange of Exmo.me, the fate of the Russian papers tied to cryptocurrencies, largely depends on his ability to “compete with global venues”. Another factor can be problems with the reliability of storage of the basic asset. “It seems insufficient to hope for the offshore counterparties of the broker,” said Mr. Danilenko.

Andrey Kovalev