$BTC

🇷🇺 RUSSIA MARKS A MILESTONE WITH FIRST BITCOIN-COLLATERALIZED LOAN

Russia’s biggest lender, Sberbank, has completed the country’s inaugural loan backed by cryptocurrency collateral. The borrower is Intelion Data, a major player in the domestic Bitcoin mining sector.

The financing is secured using Bitcoin that Intelion Data itself mined, with the bank taking custody of the digital assets until the debt is fully settled. Sberbank employed its in-house security platform, Rutoken, to safeguard the collateral throughout the process.

In 2024, Intelion Data’s mining activities drew close to 300 megawatts of electricity and generated around $79 million in revenue, underscoring the scale of its operations.

Although described as a pilot initiative, the bank declined to reveal details such as the loan size, duration, or precise amount of Bitcoin pledged.

Sberbank views the product as having wider appeal, potentially serving any business that carries cryptocurrencies on its books rather than just mining firms. Success here could pave the way for broader adoption.

Anatoly Popov, the bank’s deputy chairman, pointed out that Russia’s regulatory framework for digital assets is still developing. He stressed Sberbank’s willingness to partner with the Central Bank to build the necessary rules and systems to expand offerings like this. He also noted the institution already provides related products, including structured instruments linked to Bitcoin, Ethereum, and diversified crypto portfolios.

Timofey Semenov, CEO of Intelion Data, called the transaction a significant real-world demonstration for the sector. He believes it highlights the growing maturity of Russia’s mining industry and could inspire similar financing arrangements nationwide if the model works well.

The move reflects Russia’s expanding Bitcoin mining landscape—driven by plentiful energy supplies—and signals deeper integration of digital assets into conventional banking amid an evolving regulatory environment.