Kazakhstan’s Fonte Capital Launches Central Asia’s First Spot Bitcoin ETF on Astana International Exchange

Kazakhstan has launched its first spot Bitcoin ETF, the Fonte Bitcoin Exchange Traded Fund OEIC (ticker: BETF), which began trading on the Astana International Exchange (AIX) on August 13.

Priced in U.S. dollars and physically backed by Bitcoin holdings, BETF provides investors with direct exposure to Bitcoin without the need to manage private keys or navigate crypto exchanges.

Designed for efficiency and liquidity, the ETF supports in-kind settlements, maintains a low total expense ratio, and minimizes tracking error against Bitcoin’s spot price. Fonte Capital, registered with the Astana International Financial Centre (AIFC) since 2022, says the product offers a straightforward way for institutions and individuals to integrate Bitcoin into diversified portfolios while maintaining a high level of control and regulatory oversight.

BETF operates under AIFC’s legal framework for digital assets, which enables licensed exchanges, custodians, and investment products to function within a regulated environment. This structure shields assets from potential freezes due to international sanctions and reduces reliance on foreign issuers.

Custody is provided by U.S.-regulated BitGo Trust, which insures up to $250 million and employs offline cold storage and secure vaults to mitigate risks from hacking or counterparty failures.

The launch marks a milestone for Kazakhstan, already one of the world’s largest Bitcoin mining hubs thanks to abundant coal-powered electricity and favorable regulations following China’s 2021 mining ban.

By introducing a regulated spot Bitcoin ETF, Kazakhstan joins the U.S., Canada, and Hong Kong in offering institutional-grade Bitcoin products, potentially attracting foreign capital and deepening regional economic ties.

In contrast to the cautious stances of neighbors like Uzbekistan and Kyrgyzstan, Kazakhstan continues to position itself as Central Asia’s most open market for crypto investment.