Headline: BitRiver Faces Bankruptcy as Legal Proceedings Intensify and Top Management Exits Translation: BitRiver Faces Bankruptcy as Legal Proceedings Intensify and Top Management Exits

The Arbitration Court of the Sverdlovsk Region has initiated an observation procedure (the first stage of bankruptcy) for LLC «Fox Group,» which owns 98% of BitRiver Management Company. This is reported by «Kommersant.»

The application was filed by En+’s structure, «Infrastructure of Siberia.» The firm is seeking to recover a debt exceeding 700 million rubles from the mining operator BitRiver. This amount includes an unpaid advance and penalties for undelivered equipment under contracts for 2023-2024.

In April 2025, the Arbitration Court of the Irkutsk Region had already mandated BitRiver to pay the debt; however, the operator did not comply with the ruling due to insufficient assets. This became the basis for initiating bankruptcy proceedings.

Sources from the publication suggest that issues may have arisen following the payment of VAT for the first quarter of 2024—approximately 400 million rubles.

The situation is compounded by claims from other major creditors, including «Rosseti.» «En+ Sbyt» is demanding 133 million rubles in penalties for electricity, while the Irkutsk Electric Grid Company is claiming 640 million rubles, as noted in «Kommersant.»

A ruling has already been issued in favor of NTEK (a subsidiary of Norilsk Nickel) for the payment of 168 million rubles in electricity debt.

According to the publication, by the end of 2025, around 80% of BitRiver’s top management and several employees had departed. Many of the company’s offices have closed, and equipment and documentation have been removed, the journalists claim.

A source reports that negotiations are underway regarding a change of ownership and the transfer of remaining assets.

On January 31, the Zamoskvoretsky Court of Moscow placed BitRiver founder Igor Runts under house arrest, as reported by TASS, citing law enforcement sources. He is accused of concealing funds for tax payments, according to an agency interlocutor. Details of the case remain undisclosed.

It’s worth recalling that in 2024, in collaboration with oil and gas companies, BitRiver processed over 150 million cubic meters of associated petroleum gas into electricity for bitcoin mining.