20Kazakhstan has taken a big step in digital finance. On August 13, 2025, Fonte Capital launched the Fonte Bitcoin Exchange Traded Fund (BETF) on the Astana International Exchange (AIX)—the first spot Bitcoin ETF in Central Asia. This means investors can buy shares linked directly to Bitcoin’s real price without having to store or manage the cryptocurrency themselves. The ETF is physically backed, meaning it actually holds Bitcoin, and is managed under strict regulations. BitGo Trust, a U.S.-regulated crypto custodian, will keep the Bitcoin in secure storage and protect it with $250 million in insurance. This launch strengthens Kazakhstan’s reputation as a fast-growing hub for cryptocurrency in the region.Kazakhstan Adopts US-Regulated Cold Storage BitGo has announced its role in the newly launched Fonte Capital spot Bitcoin ETF, marking the first time the company will provide institutional-grade Bitcoin access to investors in Central Asia. In a post on X, BitGo said, “Kazakhstan is entering a new era for digital assets”, highlighting that it will safeguard the ETF’s Bitcoin using secure, US-regulated cold storage. This means the cryptocurrency will be kept offline in highly protected facilities, reducing the risk of hacking or theft.The Fonte Bitcoin ETF, recently listed on the Astana International Exchange (AIX), allows investors to gain exposure to Bitcoin’s real market price without having to buy or store the cryptocurrency themselves. BitGo’s involvement adds a strong layer of trust, especially for institutional investors who require high levels of security and compliance.Interestingly, while BitGo publicly acknowledged its role, neither Fonte Capital nor the AIX mentioned the custodian in their official launch statements. Cointelegraph noted that they reached out to all three parties—AIX, Fonte Capital, and BitGo—for additional comments but had not received any responses by the time of publication.BitGo’s Double-Edged Role in Kazakhstan’s Bitcoin ETFWhile BitGo’s involvement adds credibility and security to the ETF, experts describe its role as a “double-edged sword.”Shady El Damaty, digital identity innovator and co-founder of human.tech by Holonym, explained:“On one hand, you’re getting institutional-grade custody right out of the gate, which matters for investor confidence. On the other hand, it highlights how concentrated this layer of infrastructure is.”While BitGo’s US-regulated custody provides strong security and builds trust for investors, depending on a single global custodian also comes with risks. If anything were to affect BitGo’s operations, it could have a direct impact on the ETF and other spot Bitcoin products that rely on its services.Despite this, BitGo’s involvement highlights Kazakhstan’s dedication to following global best practices in managing digital assets. By partnering with a well-known and regulated custodian, the country connects its local crypto market to international investors and ensures the ETF meets high security standards.At the same time, this situation shows the importance of creating local custodial solutions. Developing homegrown infrastructure in the future would help reduce reliance on a single provider, spread risk, and make the region’s financial system more independent and resilient.Overall, BitGo’s participation is both a strength and a reminder that building diverse and secure crypto infrastructure is key for long-term growth in Kazakhstan’s digital asset ecosystem.
