Sberbank Issues Its First-Ever Crypto Loan to Russian Bitcoin Miner

Russia’s second-biggest bank, Sberbank, has launched a pilot program providing a corporate loan secured by cryptocurrency, marking a notable step in the integration of digital assets into the country’s traditional financial system.

The pilot transaction was carried out with Intelion Data, one of Russia’s largest industrial bitcoin mining companies, according to reports from RBC and a statement released by the bank.

The loan was secured by cryptocurrency mined directly by Intelion Data. However, Sberbank did not disclose the specific type of cryptocurrency used as collateral, nor did it provide details on the loan’s size, maturity, or collateralization ratio. Rather than selling the digital assets to raise capital, the company was able to use them as collateral, allowing it to retain exposure to crypto price movements while accessing liquidity.

Sberbank said the pilot transaction was conducted using its proprietary custody infrastructure, which held the digital assets for the duration of the loan. The bank described the project as a test of legal, technological, and operational mechanisms required for crypto-backed lending in Russia, according to its official press release.

"This pilot deal allowed us to test mechanisms for working with digital security, which could form the basis for future regulation. We believe this product will be relevant not only for cryptocurrency miners but also for companies that own crypto assets," Anatoly Popov, deputy chairman of Sberbank's managing board, said in a statement.

According to RBC, Intelion Data CEO Timofey Semenov said the agreement demonstrates that digital assets can already function as effective collateral within the Russian financial system. He added that the pilot could serve as a model for other mining companies seeking financing without immediately converting cryptocurrency into fiat currency, RBC reported.

Sberbank representatives noted that the product is not limited to mining firms and could potentially be used by other companies holding digital assets on their balance sheets. The bank views the pilot as a step toward developing regulated crypto-related financial products for corporate clients, RBC said.

The project comes amid ongoing discussions in Russia over the legal status of cryptocurrencies and their role in the economy. While digital assets remain restricted as a means of payment, authorities have increasingly permitted their use for investment purposes and certain cross-border settlement scenarios.

RBC also reported that Sberbank has been expanding its involvement in digital asset products, including structured instruments linked to cryptocurrencies and digital financial assets issued under Russian law. The bank has publicly supported a gradual and controlled expansion of crypto regulation.

The pilot loan highlights growing institutional interest in crypto-backed financing and may influence how digital assets are incorporated into Russia’s banking sector in the future.