TL;DR
- Sberbank, Russia’s largest bank, completed its first crypto-backed loan in a pilot agreement with Intelion Data, a leading Bitcoin miner.
- The loan uses mined cryptocurrency as collateral, secured through Sberbank’s in-house custody system, Rutoken.
- While the loan size, duration, and exact cryptocurrency remain undisclosed, the move shows institutional interest in exploring digital assets within regulated credit frameworks and could open the door for broader corporate crypto financing.
Sberbank, Russia’s biggest bank, has executed its first crypto-backed loan, taking mined cryptocurrency as collateral. The pilot with Intelion Data brings digital assets into regulated lending practices, marking a step from theoretical discussion to practical banking operations in the country. The initiative also allows the bank to observe market behavior when cryptocurrency enters formal banking channels, offering insight into valuation trends and potential liquidity impacts.
Sberbank issues Russia's first crypto-backed loan to bitcoin miner. pic.twitter.com/5oEnXFd1Q3
— matthew sigel, recovering CFA (@matthew_sigel) December 29, 2025
Inside Russia’s First Crypto-Backed Loan
The transaction uses cryptocurrency produced by Intelion Data’s mining operations as collateral. Sberbank held the assets throughout the loan period, applying a structure similar to traditional asset-backed lending. Instead of outsourcing custody, the bank used its proprietary system, Rutoken, to manage security, operational risks, and compliance directly.
This direct custody approach allows Sberbank to test the technical and regulatory framework while retaining full control over collateral. Commercial details like loan size, term, and the exact type of cryptocurrency remain undisclosed, emphasizing the experimental nature of the arrangement. Analysts suggest that pilots like this could inform future banking products, potentially enabling credit lines to technology firms and other sectors holding crypto assets. The move also provides regulators with operational data that may support clearer guidelines on digital collateral.
Crypto Lending Gains Institutional Recognition
Intelion Data CEO Timofey Semenov described the pilot as evidence that digital assets can be recognized formally as collateral by major banks. The loan demonstrates that cryptocurrency can move beyond speculation to function as a balance-sheet tool.
For Sberbank, the pilot provides valuable insights into custody processes, valuation risks, and regulatory compliance. The bank is coordinating with the Central Bank of Russia to evaluate potential expansion beyond mining companies. If successful, similar crypto-backed lending could be offered to firms holding digital assets in corporate treasuries. Observers note that these experiments may encourage other Russian financial institutions to explore cryptocurrency integration cautiously, balancing innovation with regulatory safety.
While limited in scale, Sberbank’s crypto-backed loan represents a careful step toward integrating digital assets into traditional banking. The initiative illustrates growing institutional confidence in cryptocurrencies and their practical applications in regulated finance, creating a foundation for future expansion in corporate crypto lending.
