Sovcombank announces it is the first Russian financial institution to provide loans secured by bitcoin to the public.

Larger competitor Sberbank was the first to initiate, yet it remains in a pilot phase.

Sovcombank becomes the first bank in Russia to provide bitcoin-backed loans. (Photo: Vesan99-Wikimedia Commons/Modified by CoinDesk)

Key information:

• Sovcombank, the ninth-largest bank in Russia, has commenced offering bitcoin-backed loans, claiming the distinction of being the first significant lender in the nation to do so.
• Its larger competitor, state-owned Sberbank, initiated a pilot program in December.
• This development indicates a rising interest among Russian banks in assisting miners and cryptocurrency enterprises to access liquidity without liquidating their digital assets.

Sovcombank, ranked as the ninth-largest bank in Russia by assets, announced that it has become the first financial entity in the country to extend bitcoin-backed loans to both individuals and businesses legally holding digital assets.

This initiative follows a pilot program launched by state-owned Sberbank, which in late December provided the first such product to mining company Intelion Data. Although crypto-secured lending is still limited due to regulatory ambiguity, Russian banks have increasingly expressed interest in lending against bitcoin as mining operations and businesses holding cryptocurrencies seek to release liquidity while keeping their digital assets intact.

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“In particular, we provide bitcoin-secured lending, enabling our clients to obtain financing for business growth without the necessity of selling their assets,” stated Marina Burdonova, Sovcombank’s compliance director. Access to the bitcoin-backed lending products will be restricted to companies and individuals who legally possess digital assets, she remarked.

Legalization of crypto mining in Russia occurred on November 1, 2024, following the government’s enactment of a law permitting registered legal entities and entrepreneurs with the Ministry of Digital Development to participate in this activity. Those who are unregistered miners could operate only if they stayed within specified energy consumption limits.

A month later, the government enacted a six-year prohibition on crypto mining across 10 regions due to the industry’s substantial energy consumption. In December 2025, the cryptocurrency market was reopened to the public with new regulations established by the nation’s central bank.

“Mining has evolved beyond a niche ‘bitcoin mining‘ operation. It has transformed into an investment class that offers predictable returns, a defined payback period, and manageable risks,” Burdonova commented. “Sovcombank recognizes the potential for collaborations with all participants in the cryptocurrency sector, from miners and data center operators to cryptocurrency exchanges and currency exchange services.”