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Kazakhstan's Astana International Exchange (AIX) made financial history on Wednesday by listing Central Asia's first spot Bitcoin exchange-traded fund (ETF). The Fonte Bitcoin ETF (BETF), managed by locally registered Fonte Capital, provides regulated access to Bitcoin investments for both institutional and retail investors.
BitGo Trust, the regulated custody arm of California-based BitGo, will safeguard the ETF's underlying Bitcoin assets. This marks BitGo's first venture into Central Asian markets, though neither AIX nor Fonte Capital mentioned the custodian in their official announcements. The company confirmed its involvement via social media, emphasizing its "secure, US-regulated cold storage" solution.
——This partnership mirrors BitGo's work with major US Bitcoin ETF issuers like ARK Invest and 21Shares——
While AIX's 【$130 million】 July trading volume pales against global giants, the ETF launch represents a strategic move for Kazakhstan's growing crypto ecosystem. The country has emerged as a major Bitcoin mining hub despite China's crypto ban, and recently established a national crypto reserve.
"Until now, there was no regulated, locally listed product giving investors exposure to Bitcoin," noted Bakhrom Saydulloev, product lead at crypto platform Mercuryo.
Industry experts present diverging views on relying on international custodians. Shady El Damaty, co-founder of human.tech, called it a "double-edged sword" — providing instant credibility but highlighting infrastructure concentration risks.
"Ideally, countries should build local custodians meeting global standards," El Damaty told Cointelegraph, suggesting this approach would foster both market sovereignty and resilience.
The ETF listing follows Kazakhstan's broader financial sector developments, including the AIFC's partnerships with Nasdaq and Shanghai Stock Exchange. As the product gains traction, market watchers anticipate increased crypto adoption across Central Asia's 【65 million】 population.
Interestingly, the launch coincides with BitGo's reported preparations for a US IPO, as its custody business recently surpassed 【$100 billion】 in assets under management.