Sberbank Makes History: Issues Russia’s First-Ever Crypto-Backed Loan to Bitcoin Miner

Russia's largest bank just placed a massive bet on Bitcoin—using it as collateral.

Sberbank, the state-owned financial giant, has broken new ground by issuing the country's first loan backed entirely by cryptocurrency. The borrower? A domestic Bitcoin mining operation. This isn't a test or a pilot; it's a live transaction, signaling a seismic shift in how traditional finance views digital assets.

The Mechanics of the Move

The deal cuts through years of regulatory fog. By accepting Bitcoin as loan collateral, Sberbank bypasses the need for miners to sell their holdings for rubles. It provides immediate liquidity while letting the borrower maintain exposure to potential upside—a classic finance play, just with a 21st-century asset. The bank, of course, gets its pound of flesh in interest and likely has stringent risk parameters around loan-to-value ratios, because even in crypto, old banking habits die hard.

Why This Changes Everything

This move legitimizes crypto collateral in one of the world's largest economies. It sends a clear signal to other institutional players: digital assets have graduated from speculative toys to recognized financial instruments. For miners, it unlocks capital without triggering a taxable event or forcing a sale—a game-changer for operational funding and expansion.

The Regulatory Tightrope

Sberbank didn't do this in a vacuum. This transaction walks a fine line in Russia's still-evolving crypto landscape, proving that where there's a will—and a profitable client—there's a regulatory workaround. It's a masterclass in financial innovation, or perhaps just a clever way to keep lucrative business onshore while politicians continue to debate the rules.

The bottom line? A state-backed bank just validated Bitcoin as bankable collateral. That’s a louder endorsement than any billionaire's tweet. It proves that when value is undeniable, even the most conservative institutions will find a way to profit from it—usually with a hefty spread, naturally.

Russia’s largest bank, Sberbank, has taken a new step into the crypto space by issuing the country’s first loan secured by cryptocurrency. The pilot loan was given to Intelion Data, one of Russia’s biggest Bitcoin mining companies.

Sberbank confirmed that the loan was backed by digital currency mined by Intelion Data. However, the bank did not reveal how large the loan was, how long it will last, or how much crypto was used as collateral.

Crypto Held Safely Until Loan Is Repaid

To manage the risk, Sberbank stored the crypto collateral using its own custody system called Rutoken. This system keeps the digital assets locked and protected until the borrower fully repays the loan.

According to the bank, using an in-house storage solution helped ensure the safety of the assets throughout the loan period.

A Trial Run for Future Crypto Financing

Sberbank described the deal as a “pilot,” meaning it is mainly a test. The bank said the goal is to understand how crypto-backed lending could work in practice under Russian conditions.

The bank also hinted that similar loans could be offered in the future, not just to miners but also to companies that already hold cryptocurrencies on their balance sheets.

Intelion Data’s CEO, Timofey Semenov, welcomed the MOVE and called it an important moment for the mining industry. He said the deal shows that the market is becoming more mature and trusted.

He added that if this model works well, it could be expanded across Russia’s growing mining sector.

Regulation Still a Work in Progress

Sberbank’s deputy chairman, Anatoly Popov, said that crypto regulation in Russia is still developing. He explained that the bank is ready to work closely with the Central Bank to build clear rules and proper infrastructure for digital asset services.

Earlier this month, Sberbank said it was also experimenting with decentralised finance tools and supports a gradual approach to legalising cryptocurrencies in Russia.

At the same time, the Russian central bank has said it may allow everyday citizens to trade crypto, but only within strict yearly limits.