Kazakhstan’s First Spot Bitcoin ETF Launched
BITGO, the cryptocurrency manager regulated in the US, is set to safeguard assets from Kazakhstan’s first spot Bitcoin exchange, which launched on Wednesday at the Astana International Exchange (AIX).
The AIX, as part of the Astana International Financial Center (AIFC), announced the listing of the Fonte Bitcoin Exchange Traded Fund (BETF) on Wednesday. The BETF is managed by Fonte Capital, which is registered as an asset manager by AIFC, aiming to provide indirect access to Bitcoin (BTC) for various investors, including retail ones.
This fund is directly backed by Bitcoin under the custody of Bitgo Trust. Bitgo is recognized for its Bitcoin custody services, catering to several notable US ETF issuers like ARK Invest and 21Shares.
Bitgo’s Role in Kazakhstan
Bitgo’s participation in the Spot Bitcoin ETF represents a significant milestone as it’s the first instance the platform offers in-house Bitcoin access to Central Asian investors. The company expressed enthusiasm for Kazakhstan’s advancement in digital assets, emphasizing that it would provide secure, US-regulated cold storage for custodial services.
Although Bitgo publicly recognized its role with the new Spot Bitcoin ETF, there hasn’t been any mention from Fonte Capital or AIX regarding their custodians. Attempts to contact AIX, Fonte, and Bitgo for further comments went unanswered.
Perspectives on Bitgo’s Involvement
Shady El Damaty, a digital identity innovator, described the increasing presence of platforms like Bitgo as a double-edged sword. He pointed out that while such custodians offer reliable infrastructure that builds trust among investors, it also highlights the concentration within the system, which isn’t ideal.
El Damaty underscored the importance of local crypto offerings in developing markets, mentioning that relying solely on large global players may not be sustainable. He stated, however, that Bitgo’s involvement offers an immediate boost in credibility for Kazakhstan.
“Countries should work on establishing local custodians meeting the same security standards to ensure financial sovereignty and resilience,” he suggested.
Bakhrom Saydulloev, a local crypto expert, echoed this sentiment. He stressed the necessity of robust local custodial services for Kazakhstan’s financial autonomy. Yet, he acknowledged that leveraging established global custodians might be the quickest way to bring in reliability and attract foreign investments.
Market Overview
AIX, founded in 2017 and backed by AIFC, the Shanghai Stock Exchange, Silk Road Fund, and Nasdaq, recorded about $130 million in monthly transactions as of July 2025. This volume, while modest compared to giants like Nasdaq, is significant. The launch of the BETF is crucial as it opens up regulated Bitcoin access to investors who have historically been excluded.
Saydulloev highlighted that locally regulated products have allowed Kazakh investors exposure to digital assets. He noted Kazakhstan’s rise in the crypto industry landscape, especially in cryptocurrency mining.
In regions where traditional finance is lacking, tools like these can enable both investors and everyday citizens to engage in the digital economy, as emphasized by El Damaty.
