Sberbank launches Russia’s first blockchain-focused ETF
Key points to remember
- Sberbank, Russia’s largest bank, has announced the country’s first blockchain-focused ETF.
- The Sberbank Blockchain Economy ETF will track the performance of major blockchain companies including Coinbase, Galaxy Digital and others.
- The fund is expected to trade on the Russian stock exchange under the symbol SBBE at a starting price of 10 rubles ($ 0.13) per share.
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Sber Asset Management, the investment arm of Russia’s largest bank, has announced the launch of the country’s first blockchain-themed exchange-traded fund.
Sber announces “Sberbank – Blockchain Economy” ETF
According to Sber’s press release on Thursday, the company’s blockchain-focused ETF, dubbed “Sberbank – Blockchain Economy,” will track the index of the same name developed by bank asset management subsidiary SberCIB.
The fund will provide Russian investors with exposure to a diverse portfolio of large blockchain companies, including Coinbase, Galaxy Digital, Digindex and others. It will also monitor the performance of crypto mining companies and companies providing consulting services in the blockchain industry.
According to the announcement, Sber’s ETF will be the country’s first product to provide investors with broad exposure to the blockchain industry “without the difficulties associated with direct development, buying, storing and selling. digital assets “.
“Direct investments in crypto assets come with high risks, so it’s difficult to manage them yourself. Therefore, we propose to invest not in crypto assets, but rather in companies focused on the development of blockchain technologies ”, said Evgeny Zaitsev, CEO of Sber Asset Management.
Russian authorities have made their stance against cryptocurrencies clear, saying the asset class can be used to finance terrorism and money laundering. In December, the country’s central bank issued a directive prohibiting mutual funds from investing directly in cryptocurrencies.
Sberbank’s ETF, however, will not fall under the Bank of Russia’s restrictions, as it will not invest directly in cryptocurrencies, but only in stocks of large blockchain-related companies. This will begin trading on the Russian stock exchange under the symbol SBBE at a starting cost per share of 10 rubles ($ 0.13).
In general, crypto-focused ETFs have generated immense interest from institutional investors around the world. The United States Securities and Exchange Commission has approved three Bitcoin futures ETFs, but rejected all applications for cash or physical Bitcoin ETFs so far. Other countries, however, have had a more positive stance towards exchange-traded products that invest directly in Bitcoin or other digital currencies. Canada, for example, has approved several of these products, including faithfulness Bitcoin ETF spot in December.
Disclosure: At the time of writing, the author of this feature owned ETH and several other cryptocurrencies.
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