Sberbank, Russia's largest state-owned bank, has executed the country's first cryptocurrency-backed loan. The beneficiary is Intelion Data Systems, one of Russia's leading Bitcoin mining companies. The loan's collateral consists of Bitcoin mined by the company.

Details of the Operation

The transaction was conducted under Russia's pilot framework for digital financial assets, regulated by the Central Bank. The BTC used as collateral is custodied through Sberbank's Rutoken solution. While the amount and exact terms were not disclosed, the loan marks the first time a Russian bank accepts Bitcoin as direct collateral.

Regulatory Context

Russia has progressively advanced its regulation of crypto assets since 2021. Sberbank received a license to operate with digital financial assets in 2022 and has since issued over 160 tokenized instruments. The Central Bank is preparing new rules for retail crypto investment starting in 2026.

Implications for the Mining Sector

Mining companies like Intelion Data, which operate large data centers in regions with cheap energy, can now access traditional financing using their Bitcoin reserves without selling them. Analysts see this as a step toward normalizing crypto assets as a corporate asset class in Russia.

Expansion of Crypto Services at Sberbank

The bank already offers structured products with exposure to Bitcoin and Ethereum, as well as institutional custody. This operation reinforces its position as a leader in blockchain adoption among Russian financial institutions.

Through its digital financial assets platform, Sberbank enables the issuance and circulation of tokens backed by various assets, including corporate bonds and infrastructure projects. The entity has also developed tools for secondary trading of these instruments and continues to expand its offerings of blockchain and crypto-related services for corporate and institutional clients.