Fonte Capital Launches First Staking-Enabled Solana ETF in Kazakhstan

Fonte Capital Ltd launched the world's first Solana exchange-traded fund with staking capabilities on September 5, trading under ticker SETF on Kazakhstan's Astana International Exchange. The Almaty-based asset management firm structured the product as an open-ended investment company registered under the Astana International Financial Centre, making Kazakhstan the first country to offer retail investors regulated access to a staking-enabled Solana ETF.

The fund tracks Solana's price performance while simultaneously staking the underlying SOL tokens to generate additional returns. Fonte Capital projects annual staking yields between 5.5% and 7.5% for 2025, with the income helping offset operating costs and supporting share values . Shares trade in U.S. dollars on the AIX, providing international investors exposure to both Solana's market movements and proof-of-stake rewards without requiring technical blockchain expertise.

BitGo Trust serves as the ETF's custodian, bringing institutional-grade security to the product. The U.S.-regulated crypto custodian provides $250 million in insurance coverage for the underlying assets, addressing investor concerns about digital asset storage risks. BitGo previously secured Fonte Capital's spot Bitcoin ETF launched in August 2024, which became Central Asia's first physically-backed Bitcoin fund. 

Yerzhan Mussin, Fonte Capital's chief executive, described the launch as bridging blockchain networks with conventional financial markets. The Solana Foundation acknowledged the listing on social media platform X, stating the SETF makes Solana more accessible to diverse investors while highlighting Kazakhstan's progressive crypto policies .

Kazakhstan's regulatory framework through the AIFC has positioned the country as a testing ground for innovative digital asset products. The jurisdiction approved Fonte Capital's Bitcoin ETF in August, establishing precedent for crypto-based investment vehicles in Central Asia . The AIFC's approach balances innovation with investor protection, creating an environment that attracts international crypto firms seeking regulatory clarity.

The Solana ETF launch comes as global demand for crypto investment products continues expanding beyond Bitcoin and Ethereum. While U.S. regulators have approved spot Bitcoin and Ethereum ETFs, they have yet to greenlight funds tracking other major cryptocurrencies like Solana. Kazakhstan's first-mover advantage in Solana ETFs demonstrates the competitive race among jurisdictions to attract crypto capital and innovation.

The staking component differentiates SETF from traditional crypto ETFs by generating income from network participation rather than solely tracking price movements. This structure appeals to investors seeking both capital appreciation and yield generation in a regulated wrapper, potentially setting a template for future crypto ETF products globally.