What To Know:
- Sberbank extended a pilot bitcoin-backed loan to Intelion Data, marking the first such deal by a Russian bank.
- The loan is secured by mined bitcoin held in Sberbank’s Rutoken custody system to limit counterparty risk.
- Bank executives say the structure could later be expanded to other crypto-holding companies as regulation develops.
Russia’s largest lender Sberbank has issued the country’s first bitcoin-backed loan to a domestic mining firm. The pilot transaction was extended to Intelion Data, one of Russia’s major industrial Bitcoin miners, marking a rare instance of traditional banking capital being directly secured by digital assets within the Russian market.
Russia’s Sberbank Grants First Bitcoin-Backed Loan to Mining Firm
Sberbank confirmed the loan this week, describing it as a test case that could be expanded later. The bank did not disclose the size of the facility. It said the bitcoin pledged as collateral was mined by Intelion Data itself and is being held in custody for the duration of the loan.
According to the bank, the collateral is stored using its proprietary crypto custody system, Rutoken. The platform holds the digital assets until repayment, reducing counterparty risk and ensuring that the collateral remains intact throughout the loan term. Sberbank said the structure was designed to protect both sides while allowing controlled experimentation with crypto-backed financing.
The lender added that the product was developed with broader use in mind. While miners are the most obvious beneficiaries, Sberbank said the same framework could also serve companies that hold crypto assets on their balance sheets and seek liquidity without selling those holdings.
Anatoly Popov, Sberbank’s deputy chairman, said the bank has already been offering clients structured bonds and digital financial assets tied to bitcoin, ether, and diversified crypto portfolios. He added that Sberbank is also testing decentralized finance tools as part of its work within Russia’s evolving digital asset rules.
“The loan was secured by digital currency mined by Intelion Data. This guarantees the assets’ safety during the loan period,” the bank said in a statement. Rutoken, it added, provides custody and control mechanisms that allow digital collateral to be used within a regulated banking environment.
Intelion Data’s management welcomed the deal as a milestone for the sector. As for RBC Crypto, its chief executive, Timofey Semenov, told RBC Crypto that the loan provides a practical example of how crypto-backed financing can be implemented under Russian conditions. A better-developed market, he said, could prove a scalable model if the pilot proves successful. “Credit access is the key concern for mining companies, especially as the industry grows,” Semenov said. Banks will be able to offer crypto-backed loans as an alternative to traditional financing, particularly for companies with significant crypto reserves but limited conventional collateral.
Bitcoin mining operations in Russia have been expanding, supported by relatively low electricity costs and large-scale industrial infrastructure. With the growing mining capacity, there’s increased appetite for banks who want to tailor financial products based on the country’s specific conditions as banks are more ready to write relevant products and services in the sector. For financers, crypto-backed loans expose banks to the industry while limiting direct balance sheet risk.
Regulation matters to how far such products can go. Russia’s digital asset system is still in its development stage, and banks are already working within very tight parameters. As rules evolve, Popov added that Sberbank is prepared to partner closely with the central bank. Infrastructure construction has been a priority, he added, and pilot transactions have helped pinpoint regulatory and technical gaps.
The Intelion loan is also a trial of digital security systems that Popov says could later inform broader regulation. In that sense, the deal takes on administrative significance in addition to its financial significance. The business response has been largely positive. Analysis suggests the transaction reflects change in what Russian banks think about crypto-related risk. Whereas lenders have maintained their relative distance, regimented pilots enable them to exercise their experience but not on just such a broad scale. Controlled rollout rather than full-scale implementation seems to be the preferred strategy.
Globally, crypto-backed loans are already common in some jurisdictions, particularly among specialized lenders. Russia’s entry into the space carries added weight because of its domestic legal constraints and the role of state-linked banks. Localized testing allows products to be adapted to national rules and enforcement practices.
Sberbank indicated that similar lending structures could be extended beyond mining firms in the future. Companies holding bitcoin or other digital assets could use crypto-backed loans to raise capital without liquidating positions, providing flexibility in treasury management.
Also Read: Russia Detains Seven Employees Over Illegal Crypto Mining Operations
