Sberbank Completes Pilot Corporate Loan Secured by Crypto Assets

Sberbank, the Russian Federation's largest bank by total assets, concluded a pilot transaction for a corporate loan secured by cryptocurrency at the close of December 2025. This pioneering initiative involved Intelion Data Systems, a significant domestic Bitcoin mining operator, which used its self-mined digital currency as collateral for the financing.

The transaction strategically utilized Sberbank's internal custody product, Rutoken, to secure the Bitcoin pledged as collateral, ensuring the assets remained under the bank's control until the loan obligation was fully satisfied. Intelion Data Systems Chief Executive Officer, Timofey Semenov, characterized the agreement as a critical milestone, indicating that the Russian financial market is integrating with blockchain technology at a new level. Semenov suggested that if this financing model proves effective, its scalability could extend significantly across the broader Russian mining sector, signaling clear industry demand for traditional financing mechanisms supported by primary digital assets.

Anatoly Popov, Deputy Chairman of the Sberbank Executive Board, confirmed that the pilot served as a test for the operational mechanisms involving digital collateral, which could form the basis for future regulatory structures. Popov affirmed Sberbank's readiness to collaborate with the Bank of Russia to develop relevant regulatory standards and construct the necessary infrastructure for digital asset services. This move follows Sberbank's ongoing engagement with digital assets, which includes offering structured bonds and digital financial assets linked to Bitcoin and Ether, alongside ongoing testing of Decentralized Finance (DeFi) instruments.

Sberbank's action occurs within a broader context where Russian authorities are finalizing a comprehensive legal framework for cryptocurrencies, targeted for completion by July 1, 2026. The proposed framework from the Bank of Russia aims to establish legal certainty for the rapidly growing market, differentiating between qualified and non-qualified investors, while also prohibiting specific assets such as privacy coins. The use of Rutoken addresses a key barrier for traditional finance entering the crypto space by mitigating counterparty risk through secure hardware custody solutions.

The implications of this product extend beyond the mining sector, as Sberbank suggests the model is relevant for any corporation holding crypto assets on its balance sheet. By integrating blockchain-based assets with conventional finance through ruble-denominated loans secured by digital assets, Sberbank is establishing a hybrid model positioned to attract domestic and international institutional capital, strengthening Russia's role in the evolving digital finance ecosystem.