BitRiver is facing bankruptcy proceedings initiated by creditor claims exceeding 700 million rubles amid significant financial distress.
The Arbitration Court of the Sverdlovsk Region has commenced bankruptcy supervision proceedings against LLC "Fox Group," which holds a 98% stake in BitRiver. This development follows a claim from En+'s subsidiary, "Infrastructure of Siberia," seeking to recover over 700 million rubles from BitRiver due to unpaid advances and penalties related to undelivered equipment for contracts spanning 2023-2024.
Previously, in April 2025, the Irkutsk Region Arbitration Court ordered BitRiver to settle its debts, but the company was unable to do so due to insufficient assets. This financial strain has now led to the initiation of bankruptcy proceedings.
Concerns about BitRiver's stability intensified following a VAT payment of approximately 400 million rubles owed for the first quarter of 2024.
Growing Creditor Pressure
Additional complications arise from claims by other creditors, including "Rosseti," which is pursuing 133 million rubles in penalties for electricity, and the Irkutsk Electric Grid Company, seeking 640 million rubles. A recent ruling favored NTEK, a subsidiary of "Norilsk Nickel," mandating a payment of 168 million rubles for electricity.
Reports indicate that by the end of 2025, roughly 80% of BitRiver’s senior management and several employees have departed the company, with many offices shuttered and assets removed.
Negotiations are reportedly ongoing regarding a potential change in ownership and the transfer of remaining assets. In a related legal matter, BitRiver founder Igor Runets was placed under house arrest by the Zamoskvoretsky Court of Moscow on January 31, accused of hiding funds to avoid tax obligations.
In 2024, BitRiver, alongside oil and gas partners, successfully converted over 150 million cubic meters of associated petroleum gas into electricity for bitcoin mining, highlighting its operational capabilities prior to these financial challenges.
