Kazakhstan has launched Central Asia’s first spot bitcoin ETF, giving investors regulated, physically backed exposure to BTC through the Astana International Exchange (AIX).
Astana-based Fonte Capital said the Fonte Bitcoin Exchange Traded Fund OEIC (BETF), custodied by U.S.-regulated BitGo, began trading Aug. 13, priced in U.S. dollars. Unlike exchange-traded notes, BETF holds bitcoin directly, with up to $250M in insured cold storage to protect against hacks and counterparty risks.
The fund operates under the Astana International Financial Centre (AIFC), whose legal framework for digital assets enables licensed exchanges, custodians, and investment products to function within its jurisdiction — while shielding assets from sanctions-related freezes and avoiding reliance on foreign issuers.
Kazakhstan became a major bitcoin mining hub after China’s 2021 ban, capitalizing on cheap coal power and crypto-friendly regulations. Neighboring Uzbekistan and Kyrgyzstan have taken a more cautious stance, leaving Kazakhstan as the region’s most open crypto market.
BETF allows in-kind settlements, aims for a low expense ratio, and seeks to minimize tracking error against BTC’s price. Investors from Almaty to London can buy shares via AIX without handling private keys or using crypto exchanges.
Fonte Capital, registered with AIFC since 2022, says BETF offers a simple, reliable way to add bitcoin to a portfolio, positioning Kazakhstan alongside the U.S., Canada, and Hong Kong in approving spot bitcoin ETFs.
