Russia’s Largest Bank Introduces First Blockchain-Focused ETF in the Country

The exchange-traded fund will track the Sber Blockchain Economy Index, which includes crypto asset and mining companies.

AccessTimeIconDec 30, 2021 at 12:20 p.m. UTC
Updated May 11, 2023 at 4:03 p.m. UTC

Sberbank, Russia’s largest bank, has introduced what it said is the country’s first exchange-traded fund (ETF) to provide exposure to companies involved in the blockchain industry.

  • The fund from Sber Asset Management is called the Sberbank Blockchain Economy ETF and trades on the Russian stock market under the ticker “SBBE,” the bank said in a statement.
  • It aims to track the Sber Blockchain Economy Index, giving investors exposure to crypto trading firms including Coinbase, Galaxy Digital and blockchain software provider Digindex. The index also includes crypto asset and mining companies and firms providing consulting services in the blockchain industry.
  • The product will give investors exposure to the “blockchain economy without the difficulties associated with the direct development, purchase, storage and sale of digital assets,” Sber Asset Management said in a press release.
  • Russia has been vocal in its stance against cryptocurrencies, stating that they can be used for money laundering or to finance terrorism. Most recently the Russian central bank said it is looking to ban cryptocurrency investments in the country, and is working on a ruble-backed central bank digital currency (CBDC).
  • Still, crypto is popular in the country. More than $5 billion of transactions are conducted in the country annually, the central bank said in a November report.
  • Globally, there has been increased interest in ETFs providing investors with exposure to blockchain and cryptocurrency firms. Most recently, the U.S. has made a number of bitcoin futures ETFs available to investors.
  • U.S. Judge Signs Off on $4.5B Terraform-Do Kwon Settlement; Gensler Speaks on Ether ETF Approval
    01:41
    U.S. Judge Signs Off on $4.5B Terraform-Do Kwon Settlement; Gensler Speaks on Ether ETF Approval
  • Why Bitcoin Is Not Keeping Pace With Nasdaq
    01:11
    Why Bitcoin Is Not Keeping Pace With Nasdaq
  • Mona Founder on Future of the Metaverse
    09:08
    Mona Founder on Future of the Metaverse
  • Fed Sees Just One Rate Cut This Year; CRV Slides as Curve’s Founder Faces Liquidation Risk
    01:49
    Fed Sees Just One Rate Cut This Year; CRV Slides as Curve’s Founder Faces Liquidation Risk
  • Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Tanzeel Akhtar

    Tanzeel Akhtar is a reporter based in London,UK.