Sberbank has issued Russia’s first loan backed by crypto, extending financing to Intelion Data, one of the country’s largest bitcoin mining companies, in a pilot transaction that signals growing institutional interest in crypto-collateralized lending.
The bank, Russia’s largest lender, said the loan was secured using digital assets mined directly by Intelion Data. Sberbank did not disclose the size, duration, or exact type of cryptocurrency used as collateral, describing the transaction as an experimental pilot rather than a full commercial rollout.
“We believe this product will be relevant not only for cryptocurrency miners, but also for companies that own cryptocurrencies,” Sberbank said in a statement, adding that it may issue similar loans in the future if the model proves effective.
To custody the collateral, the bank used its proprietary digital asset storage solution, Rutoken. Sberbank said the system ensures the safety of the crypto assets throughout the loan period, with the bank holding the collateral until the borrower repays the loan.
Intelion Data CEO Timofey Semenov described the deal as a milestone for the Russian mining industry.
Speaking to RBC, Semenov said the loan represents “an important practical example” of how crypto can be integrated into traditional finance and signals that the market is “reaching a new level.”
“If proven effective, this type of financing could be scaled up and used more broadly across the Russian mining sector,” he said.
Russian’s growing bitcoin mining industry
The transaction comes as Russia’s bitcoin mining industry continues to expand, driven by relatively low energy costs and increasing industrial-scale infrastructure.
Intelion Data reported $79 million in revenue in 2024, according to RBC, and said its data centers consumed nearly 300 megawatts of electricity during the year.
The company is currently building a large mining facility near the Kalinin Nuclear Power Plant in the Tver region and is developing its own gas-powered generation facility. Intelion Data is also involved in constructing turnkey mining data centers for industrial firms with surplus power capacity.
Sberbank executives framed the pilot loan as both a financial product test and a regulatory experiment.
Anatoly Popov, the bank’s deputy chairman, said Russia’s digital asset regulations remain in early stages and that the transaction allows Sberbank to evaluate legal and technical frameworks for crypto-backed banking services.
“This pilot deal allows us to test mechanisms for working with digital security, which could form the basis for future regulation,” Popov said, adding that the bank is prepared to work with the Central Bank of Russia to develop appropriate infrastructure and oversight.
Popov also noted that Sberbank already offers structured bonds and digital financial assets linked to bitcoin, ether, and crypto baskets, and is currently testing decentralized finance (DeFi) instruments.
The bank has publicly supported the gradual legalization of cryptocurrencies within Russia’s legal framework.
The move follows growing signals that Russian financial institutions are warming to crypto markets.
Rival state-owned bank VTB has previously said it wants to accommodate client demand for direct cryptocurrency exposure, while the central bank recently indicated it may allow limited crypto trading for retail investors under strict annual caps.
Brokerage head Andrey Yatskov said rising demand for “real” crypto is driving the move, despite crypto trading remaining largely unregulated in Russia.
For now, banks may only offer crypto-linked derivatives, but regulators have recently signaled openness to formal regulation. VTB said they will initially pilot trading with “super-qualified” wealthy clients, positioning itself to become a licensed crypto broker and depository as rules evolve.
At the time of writing, Bitcoin (BTC) is trading at $87,626, showing no significant change over the past 24 hours. The cryptocurrency’s 24-hour trading volume stands at 50 billion USD. BTC is currently down 3% from its 7-day high of $90,230, while remaining 1% above its 7-day low of $86,818.
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