Sberbank Issues First Corporate Loan Backed by Mined Bitcoin

Sberbank, Russia's largest financial institution by asset size, executed a pioneering pilot transaction in late December 2025, extending the nation's inaugural corporate loan collateralized by cryptocurrency. The transaction involved providing credit to Intelion Data Systems, a significant operator within the domestic Bitcoin mining sector, allowing the borrower to secure working capital without liquidating its digital assets.

The core mechanism of the deal utilized Bitcoin, directly mined by Intelion Data Systems, as security for the fiat-denominated loan. To mitigate counterparty risk associated with digital asset lending, Sberbank employed its proprietary digital asset custody product, Rutoken, placing the volatile collateral under the bank's direct control for the loan's term. This experimental structure is intended to serve as a foundational model for future standardized credit products, pending the finalization of Russia's comprehensive cryptocurrency legal framework, which the Bank of Russia has targeted for completion by July 1, 2026.

Anatoly Popov, Deputy Chairman of Sberbank's Management Board, confirmed that the pilot rigorously tested the operational and legal mechanisms for handling digital collateral, information that will inform future regulatory standards. Intelion Data Systems, which reported $79 million in revenue in 2024, views the financing method as a significant milestone for the Russian mining ecosystem, provided the structure proves viable for broader scaling, according to CEO Timofey Semenov.

This move signals Sberbank's strategic intent to integrate decentralized finance elements into established banking architecture. The bank has previously offered structured bonds and digital financial assets linked to Bitcoin and Ether, totaling 1.5 billion rubles for qualified investors. Intelion Data Systems, currently developing a major mining facility near the Kalinin Nuclear Power Plant, demonstrates the industrial demand for such tools, as the mechanism allows miners to leverage their primary assets for ruble liquidity, channeling the legalized mining output into the formal financial system.

The successful use of the Rutoken custody solution addresses a primary concern for traditional finance entering the crypto space. The data gathered is expected to inform the Central Bank as it drafts capital adequacy norms ahead of the 2027 enforcement date for illegal crypto activities, marking a pragmatic convergence between Russia's largest bank and its digital asset sector.