Russian state bank Sberbank is launching an exchange-traded fund (ETF) with exposure to cryptocurrency exchanges and cryptocurrency mining companies, iHodl Russia has learned. The so-called Sberbank Blockchain Economy (SBBE) fund gives investors the opportunity to "make money on the blockchain economy without the difficulties associated with the direct development, purchase, storage and sale of cryptocurrencies."
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The ETF will track the Sber Index Blockchain Economy index, which includes shares of public companies producing equipment for cryptocurrency mining and trading digital assets, such as Coinbase, Bakkt, MicroStrategy, Bitfarms, Galaxy Digital, and others. The fund is denominated in dollars.
This is the first time the state-run bank makes a public step towards the cryptocurrency market as the majority shareholder of Sberbank is the Russian National Wealth Fund managed by the Government of Russia, owning 50%+1 voting share of Sberbank's voting shares. The rest of the shares are dispersed among portfolio, private and other investors.
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