Russia’s Biggest Bank Pilots First Bitcoin-Backed Loan

Russia’s largest lender, Sberbank, has taken a landmark step into digital finance by issuing the country’s first loan secured by cryptocurrency.

The transaction, confirmed by the bank as a pilot project, reflects growing institutional engagement with Russia’s rapidly expanding Bitcoin mining sector.

It also positions Sberbank at the forefront of efforts to bridge traditional banking with crypto-based finance. These initiatives are unfolding within a regulatory framework that is still in development.

Pilot Deal With a Leading Bitcoin Miner

According to an official Sberbank statement, the loan was issued to Intelion Data, one of Russia’s largest Bitcoin mining firms.

Specifically, the bank confirmed that cryptocurrency was used as collateral, although it declined to disclose the loan’s size or valuation. Additionally, it withheld details regarding the loan’s duration and the specific digital asset involved.

Sberbank said the collateral consisted of digital assets mined directly by Intelion Data. Furthermore, the bank emphasized that the structure is not designed exclusively for mining firms. Instead, it indicated that the framework could, in due course, be extended to other companies holding cryptocurrencies on their balance sheets.

To manage risk, Sberbank employed its proprietary digital asset custody solution, Rutoken. The bank stated that Rutoken is specifically engineered to secure crypto assets throughout the loan period.

By characterizing the transaction as a pilot, the bank signaled that the initiative remains experimental rather than a fully commercial offering.

Regulatory Testing Through Controlled Experimentation

Sberbank executives framed the loan as part of a broader effort to test both regulatory and technical mechanisms. In particular, Deputy Chair Anatoly Popov stated that Russia’s digital currency regulations are still in their early stages.

He also added that Sberbank is prepared to work closely with the Central Bank of Russia to help develop the rules and infrastructure needed for similar services. In this context, the pilot provides an opportunity to evaluate custody and asset security models that could later underpin formal regulation.

At the same time, Timofey Semenov, CEO of Intelion Data, described the loan as a significant milestone for the industry.

Specifically, Semenov stated that the transaction indicates Russia’s crypto market is entering a more mature phase. He added that, if the model proves effective, similar financing structures could be adopted more widely across the mining sector.

Banks Take Gradual Steps Toward Crypto Services

The loan aligns with Sberbank’s broader exploration of digital finance. For instance, earlier this month, the bank announced that it was testing several decentralized finance (DeFi) tools. Simultaneously, it signaled support for the gradual integration of cryptocurrencies into Russia’s legal and financial frameworks.

Meanwhile, other major lenders appear willing to move faster. As previously reported, state-owned bank VTB has indicated interest in allowing customers to buy and sell cryptocurrencies directly.

Intelion Data’s Scale and Energy Expansion

Intelion Data’s participation in the pilot reflects its growing industrial footprint. According to RBC, the company generated $79 million in revenue in 2024. During the same period, its data centers consumed nearly 300 megawatts of electricity.

In addition, the firm is developing a mining facility near the Kalinin Nuclear Power Plant in Russia’s Tver region. It is also building a gas-powered energy station and offering turnkey mining data center solutions for industrial companies with excess power capacity.

Central Bank Signals Cautious Retail Access

Alongside these developments, the Central Bank of Russia has signaled limited openness to retail cryptocurrency activity. According to media reports, the regulator is prepared to allow individuals to trade digital assets within an annual cap of just over $3,800.

Taken together, these moves suggest Russia’s financial system is cautiously testing how cryptocurrencies may be integrated into mainstream banking while still maintaining regulatory control.