Russian brokerage Finam is set to launch structured notes linked to BlackRock's iShares Bitcoin Trust ETF (IBIT), providing qualified investors in Russia with exposure to Bitcoin ETFs. The new investment product, available from 17 February, will be one of the first IBIT-based structured notes with a six-month maturity period.

The IBIT bond will be denominated in Russian roubles, with returns calculated in dollar equivalents based on the Bank of Russia's exchange rate. Investors stand to earn up to 20% in returns if the ETF price at maturity exceeds the initial launch price by at least one basis point. The minimum investment is 200,000 roubles ($2,200), and the brokerage will charge a 1% commission.

Finam's move comes amid regulatory uncertainty in Russia. While there is no explicit ban on crypto ETFs as underlying assets for structured bonds, the legal framework remains ambiguous. The country has, however, been warming to Bitcoin, with the Finance Minister confirming in December 2024 that Russian legislation permits foreign trade using Bitcoin and other digital financial assets.