Sberbank Extends Russia’s First Crypto-Backed Loan to Major Bitcoin Miner

​Sberbank has issued Russia’s first crypto-backed loan to Intelion Data, one of the country’s largest Bitcoin mining companies. The pilot transaction uses Bitcoin mined by Intelion as collateral, treating digital assets as working capital rather than passive balance-sheet holdings.

The bank said the loan is secured using its in-house digital custody solution, Rutoken, which safeguards the Bitcoin collateral for the duration of the facility. Sberbank stated that the structure demonstrates how crypto-backed lending could operate within a regulated framework while maintaining asset security.

Sberbank did not disclose the loan amount. It said the model could be applied beyond the mining sector to other companies holding cryptocurrencies. In a statement, the bank described the initiative as a practical step toward integrating blockchain-based assets with traditional financial services.

Intelion Data’s Chief Executive Officer, Timofey Semenov, described the loan as a milestone for Russia’s crypto and mining industry. He told RBC Crypto that, if successful, the model could be scaled and potentially become a standard financing option for mining firms.

The transaction forms part of Sberbank’s broader expansion into digital assets. The bank has increased its focus on crypto custody services, is testing decentralized finance (DeFi) instruments, and has expressed support for the gradual legalization of cryptocurrencies in Russia.

Sberbank continues to refocus its operations domestically after confirming in 2022 that it would exit European markets. The decision followed mounting pressure from Western sanctions, significant cash outflows at European subsidiaries, and restrictions from the Central Bank of Russia that prevented liquidity support to those units.

At the time, Sberbank said it held sufficient capital to meet its obligations to depositors while winding down its European operations.