Kazakhstan has officially made history by launching Central Asia’s first spot Bitcoin ETF on the Astana International Exchange (AIX). On August 13, trading began for the fund, listed under the ticker BETF, marking a significant milestone for the region’s cryptocurrency investment market. The ETF is managed by Fonte Capital, with the issuance of 40,000 shares at an initial price of $25 each.
During the first hours of trading, BETF reached a high of $25.97 before closing at $25.88. In total, 87 trades worth $69,391 were executed. The fund is fully backed by Bitcoin, stored with the US-based custodian BitGo, which services some of the largest Bitcoin-based ETFs in America. BitGo ensures cold storage security and insurance coverage of up to $250 million, providing investors with a strong sense of protection.
Why This ETF Matters for Kazakhstan
The ETF is registered under the Astana International Financial Centre (AIFC), which eliminates dependency on foreign issuers and reduces the risk of asset freezes under international sanctions. This move signals Kazakhstan’s ambition to position itself as a regional hub for crypto and blockchain innovation.
The initiative is supported by licensed AIFC participants, including Freedom Broker as the market maker, and platforms like Bybit Limited, ATAIX Eurasia Ltd, and BN KZ Technologies Limited (Binance).
Local Debates Over Custody Solutions
While BitGo’s involvement adds credibility, it has also sparked local debates. Shadi El Damati, co-founder of human.tech, noted that although using BitGo will instantly earn investor trust, it also highlights Kazakhstan’s reliance on global financial players. He emphasized the need for countries to develop their own custodians that meet international security standards, ensuring financial sovereignty and market resilience.
Kazakhstani expert Bakhrom Saidulloev agreed, pointing out that while domestic solutions should be the long-term goal, working with an established custodian like BitGo is currently the fastest way to attract foreign capital.
The Bigger Picture for Kazakhstan’s Financial Market
This launch follows a May memorandum of understanding between AIX, Solana Foundation, liquidity aggregator Jupiter, and the licensed trading platform Intebix, aimed at developing dual listing mechanisms for IPO-bound companies. This step, combined with the Bitcoin ETF launch, demonstrates Kazakhstan’s clear strategy to blend traditional finance with cutting-edge blockchain technology.
Conclusion
The debut of Central Asia’s first Bitcoin ETF represents a major breakthrough for Kazakhstan’s financial sector. By integrating global crypto infrastructure with local regulations, the country is taking concrete steps toward becoming a key player in the digital asset economy. While the debate over domestic versus foreign custody remains, the ETF marks the beginning of a new era for regional crypto investment.
