Russian retail brokerage firm Finam has made history by registering the country's first cryptocurrency mining-focused investment fund with the Bank of Russia, marking a significant shift in the nation's financial landscape. The fund received official regulatory approval on February 16, 2026, representing the first time Russia's central bank has authorized a mainstream investment vehicle dedicated specifically to digital asset production.
Finam Chairman Vladislav Kochetkov confirmed that the fund is in final operational preparations, with trading of fund shares expected to commence for qualified investors in the coming days. The company plans to begin trading the fund's shares publicly shortly after launch.
The mining infrastructure is strategically located in the Alatyr District of the Republic of Mordovia and utilizes a gas-powered setup that leverages local natural gas infrastructure and distributed gas power generation. By sourcing energy directly from local gas fields, the mining operations are designed to achieve maximum cost efficiency, positioning the fund to deliver competitive returns even during periods of high Bitcoin network difficulty.
This development reflects Russia's evolving "Crypto Thaw" strategy, where regulators are increasingly seeking to legitimize and tax the domestic mining industry. While Russia legalized cryptocurrency mining in 2024 to attract investment and generate new revenue streams, authorities have maintained tight controls on crypto trading within the country. Data from the University of Cambridge shows Russia now controls around 11% of global Bitcoin mining hashrate, with the country adding more than 1 gigawatt of mining capacity in 2025 alone.
The fund creates a regulated "compliant gateway" for institutional and high-net-worth investors to gain exposure to the mining sector without the operational burden of managing hardware or energy contracts. This institutionalization is expected to attract significant capital as Russian investors look for inflation-hedging assets decoupled from traditional Western financial markets.
Finam has indicated it may expand into other crypto-related investment products in the future, potentially including services linked to staking, decentralized finance, and structured notes tied to hash rate performance. The Bank of Russia's approval signals growing pragmatic acceptance of blockchain technology as a critical component of national industrial strategy, dovetailing with other central bank initiatives including feasibility studies for a domestic ruble-backed stablecoin.
