Sberbank has launched Russia’s inaugural loan secured by cryptocurrency, providing financing to Intelion Data, a leading bitcoin mining firm in the country. This pilot transaction indicates a rising institutional interest in crypto-backed lending.
As Russia’s top lender, Sberbank revealed that the loan is backed by digital assets mined directly by Intelion Data. While the bank did not specify the loan’s value, duration, or the exact type of cryptocurrency used as collateral, it characterized the transaction as an experimental pilot instead of a comprehensive commercial offering.
“We believe this product will be relevant not only for cryptocurrency miners but also for companies that possess cryptocurrencies,” Sberbank stated, adding that they may offer similar loans in the future if the model proves successful.
To manage the collateral, the bank utilized its own digital asset storage solution, Rutoken. Sberbank emphasized that the system guarantees the security of crypto assets during the loan period, with the bank retaining the collateral until repayment is made.
Intelion Data’s CEO, Timofey Semenov, called the agreement a milestone for the Russian mining sector.
In an interview with RBC, Semenov mentioned that the loan represents “a significant practical instance” of integrating crypto into traditional finance, signifying the market is “advancing to a new level.”
“If shown to be effective, this type of financing could scale and be used more widely across the Russian mining industry,” he added.
Russia’s Expanding Bitcoin Mining Industry
This transaction occurs as Russia’s bitcoin mining industry expands, buoyed by relatively low energy costs and growing industrial-scale infrastructure.
According to RBC, Intelion Data reported revenues of $79 million in 2024, claiming its data centers consumed nearly 300 megawatts of electricity that year.
The company is currently constructing a large mining facility near the Kalinin Nuclear Power Plant in the Tver region and is developing its gas-powered generation facility. Intelion Data is also working on turnkey mining data centers for industrial firms with surplus power.
Sberbank executives framed the pilot loan as both a test of financial products and a regulatory experiment.
Anatoly Popov, the bank’s deputy chairman, commented that Russia’s digital asset regulations are still in the early stages, and this transaction allows Sberbank to assess the legal and technical frameworks for crypto-backed banking services.
“This pilot agreement enables us to test mechanisms for interacting with digital security, which could establish the groundwork for future regulations,” Popov noted, adding that the bank is ready to collaborate with the Central Bank of Russia to develop proper infrastructure and oversight.
Popov also pointed out that Sberbank already provides structured bonds and digital financial assets linked to bitcoin, ether, and crypto baskets, while simultaneously testing decentralized finance (DeFi) instruments.
The bank has publicly advocated for the gradual legalization of cryptocurrencies within Russia’s legal structure.
This initiative comes as Russian financial institutions show increasing openness to crypto markets.
Rival state-owned bank VTB has previously expressed its desire to meet client demand for direct cryptocurrency exposure, while the central bank recently indicated it might permit limited crypto trading for retail investors under strict annual limits.
Brokerage head Andrey Yatskov stated that growing demand for “genuine” cryptocurrency is propelling this initiative, despite the largely unregulated status of crypto trading in Russia.
Currently, banks are only allowed to offer crypto-linked derivatives, but regulators have shown a willingness to discuss formal regulation. VTB announced plans to initially pilot trading with “super-qualified” wealthy clients, positioning itself to become a licensed crypto broker and custodian as regulations evolve.
As of this writing, Bitcoin (BTC) is priced at $87,626, showing no major fluctuations over the past 24 hours. The cryptocurrency’s 24-hour trading volume is reported at 50 billion USD. BTC is currently down 3% from its 7-day peak of $90,230, while remaining 1% above its 7-day low of $86,818.
