Sovcombank says it's the first Russian bank to offer bitcoin-backed loans to public

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Sovcombank says it's the first Russian bank to offer bitcoin-backed loans to public

Larger rival Sberbank beat Sovcombank to the punch, but it's still running as a pilot program.

By Olivier Acuna|Edited by Sheldon Reback

Feb 5, 2026, 4:23 p.m.

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Sovcombank becomes first Russian bank to offer bitcoin-backed loans. (Photo: Vesan99-Wikimedia Commons/Modified by CoinDesk)

What to know:

• Sovcombank, Russia’s ninth-largest bank, started offering bitcoin-backed loans, saying it's the first major lender in the country to do so.
• Larger rival, state-owned Sberbank, started a pilot program in December.
• The move reflects growing interest from Russian banks in helping miners and crypto businesses unlock liquidity without selling their digital assets.

Sovcombank, the ninth-largest Russian bank by assets, said it became the first financial institution in the country to offer bitcoin-backed loans to individuals and corporations who legally own digital assets.

The move follows a pilot program by state-owned Sberbank, which in late December issued the first such product to mining firm Intelion Data. While crypto-secured lending remains limited amid regulatory uncertainty, Russian banks have increasingly shown interest in borrowing against bitcoin as mining firms and crypto-holding businesses look to unlock liquidity while retaining their digital assets.

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“Specifically, we offer bitcoin-secured lending, allowing our clients to raise financing for business development without having to sell their assets,” Marina Burdonova, Sovcombank’s compliance director, said in a statement. Only companies and individuals who legally own digital assets will have access to the bitcoin-backed lending products, she said.

Crypto mining in Russia became legal Nov. 1, 2024 after the government introduced a law allowing legal entities and entrepreneurs registered with the Ministry of Digital Development to engage in the activity. Unregistered miners could operate only if they do not exceed energy consumption limits.

A month later, the government imposed a six-year ban on crypto mining in 10 regions due to the industry's high power consumption. In December 2025, it reopened the cryptocurrency market to the public with new rules laid out by the country’s central bank.

“Mining has ceased to be a niche ‘bitcoin mining’ activity. It has become an investment class with predictable returns, a payback period and manageable risks,” Burdonova said. “Sovcombank sees potential in partnerships with all crypto industry participants, from miners and data center operators to crypto exchanges and money changers.”

RussiaBitcoin MiningLoansCrypto-Backed Lending