Kazakhstan has launched Central Asia's inaugural spot Bitcoin exchange-traded fund (ETF) through the Astana International Exchange (AIX). Operated by Fonte Capital under the name Fonte Bitcoin Exchange Traded Fund OEIC (BETF), the fund begins trading on August 13, 2025, priced in US dollars.
The ETF holds physical Bitcoin with custody managed by U.S.-regulated BitGo Trust, which provides $250 million insurance coverage and utilizes offline cold storage systems to mitigate theft, hacking, and counterparty risks. Regulated under the Astana International Financial Centre (AIFC) framework, the structure aims to shield assets from sanctions while reducing reliance on foreign issuers.
Fonte Capital incorporated in-kind settlement options to enhance liquidity and minimize price tracking discrepancies, targeting a low expense ratio for competitiveness. This enables investors in cities like Almaty or London to gain Bitcoin exposure through traditional brokerage channels without handling private keys.
The launch positions Kazakhstan alongside the U.S., Canada, and Hong Kong in offering spot Bitcoin ETFs and solidifies its regional leadership following China's 2021 mining ban. Pete Rizzo (The Bitcoin Historian) heralded the development, tweeting: "CENTRAL ASIA'S 1st #BITCOIN ETF JUST LAUNCHED... BTC BEING EMBRACED ALL AROUND THE WORLD."