Russia’s Sovcombank Becomes First Russian Bank to Publicly Offer Bitcoin-Backed Lending

TLDR:

• Sovcombank rolled out bitcoin-backed loans for individuals and firms that legally own digital assets in Russia.
• The launch follows an earlier pilot by state-owned Sberbank with a mining company in December.
• Russian miners are seeking liquidity solutions that allow them to retain long-term bitcoin exposure.
• The product aligns with recent regulatory changes legalizing mining and reopening crypto markets.

Sovcombank bitcoin-backed loans signal a gradual shift in Russia’s banking approach to digital assets.

The lender has launched financing options secured by bitcoin, targeting miners and legal crypto holders seeking liquidity without selling their holdings.

Sovcombank expands regulated crypto lending

Sovcombank is the first Russian bank to publicly offer bitcoin-backed loans. The product is available to individuals and corporations that legally own digital assets.

The bank emphasized that bitcoin serves strictly as collateral. Borrowers can therefore access capital while retaining ownership of their holdings.

This approach aligns with growing demand among crypto holders for non-dilutive financing. As a result, banks are reassessing how digital assets fit within lending frameworks.

In online statements, Sovcombank executives described the product as business-focused. Financing is positioned to support expansion rather than speculative activity.

State-owned Sberbank launched a similar offering earlier through a pilot program. That initiative issued a bitcoin-secured loan to mining firm Intelion Data.

However, Sberbank’s product remains limited in scope. Sovcombank’s rollout marks a broader public-facing step in crypto-secured lending.

Regulatory clarity remains uneven across the sector. Still, banks appear more willing to test products tied to digital assets.

Crypto mining became legal in Russia on November 1, 2024. The law allows registered entities to operate without energy restrictions.

Unregistered miners may operate only within strict electricity limits. This framework narrowed participation but improved oversight.

Soon after, authorities imposed a six-year mining ban in ten regions. The decision addressed power grid strain rather than crypto activity itself.

In December 2025, regulators reopened the crypto market to the public. The central bank introduced rules governing participation and compliance.

Sovcombank referenced these developments in public remarks shared online. Executives framed bitcoin-backed lending as compatible with the evolving framework.

Focus on miners, liquidity, and banking services

Russian miners and crypto businesses increasingly seek access to liquidity. Many prefer borrowing against bitcoin rather than selling during volatile market cycles.

Bitcoin-backed loans address this preference directly. They provide working capital while preserving long-term asset exposure.

Sovcombank stated that mining is no longer viewed as a niche activity. Instead, it is treated as an investment class with defined financial metrics.

Executives noted predictable returns and clearer payback periods. These factors support structured lending products tied to mining operations.

Alongside the loan launch, Sovcombank introduced a promotion for miners and hosting providers. The campaign targets registered market participants.

Corporate clients receive free account management and online banking services. Preferential terms for currency control are also included.

Small and medium enterprises benefit from free internal transfers. The limit is set at one million rubles per transaction.

Only new clients listed in the official miners’ registry qualify. This condition reinforces compliance with national regulations.

Sovcombank also confirmed it offers bitcoin-backed loans to corporate clients. Legal entities and sole proprietors may access the product.

The bank outlined broader plans for crypto-sector partnerships. These include miners, data center operators, exchanges, and money changers.

Public statements referenced specialized cash management tools. Project financing and risk management services were also mentioned.

Together, these offerings signal deeper engagement with the crypto economy. Russian banks are gradually integrating digital assets into traditional finance under defined rules.

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