Unit sales of hardware crypto wallets on M.Video's marketplace more than doubled in Q2 as consumers moved to self-custody before Russia's Sept. 1 regulatory framework takes effect.
Alpha Score of 40 reflects weak overall profile with moderate momentum, poor value, moderate quality, moderate sentiment.
Russian consumers are buying hardware crypto wallets at a pace that retailers say they have not seen before.
M.Video, one of the country's largest electronics chains, reported that unit sales of hardware wallets on its marketplace jumped 107% in the second quarter compared with the first three months of 2026. Revenue from those sales climbed 92%. The company did not give a total device count.
Wildberries, another major marketplace, saw unit sales rise 84% in the first half of 2026 versus the same stretch a year earlier, according to RIA Novosti, citing parent company RWB. Sales revenue rose 60%.
The two retailers used different comparison periods, so the numbers are not directly comparable. Neither disclosed absolute sales volumes.
The buying spree is tied to a set of regulatory deadlines. Russia does not ban non-custodial wallets today, but withdrawals from regulated digital depositories to personal wallets are restricted under a transition period that runs until July 1, 2027.
The bigger catalyst is Sept. 1. On that date a broader regulatory framework takes effect. The new rules will permit regulated crypto exchanges and digital depositories. Retail investors will be able to buy liquid cryptocurrencies after passing a knowledge test, though only up to 300,000 rubles per year per intermediary. Russia's existing ban on using crypto for domestic payments will remain.
After the transition period ends, all crypto transactions must pass through regulated entities. Banks will be required to reject any transaction conducted outside the approved framework.
Hardware wallets store private keys offline, cutting exposure to online theft and custodial risk. They are not bulletproof. Coinkite disclosed a Coldcard firmware vulnerability on July 30 that weakened seed generation. The company linked the security incident to estimated losses exceeding $116 million.
The Sept. 1 regime will test how many of these new wallet owners actually use them inside the regulated channels, or simply hold crypto outside the system entirely.
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