Kazakhstan’s Fonte Capital Pioneers Spot Bitcoin ETF Market in Central Asia

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

Fonte Capital has introduced Central Asia’s first spot bitcoin exchange-traded fund (ETF), offering investors direct, regulated access to the world’s largest cryptocurrency through Kazakhstan’s Astana International Exchange (AIX).

The fund, named the Fonte Bitcoin Exchange Traded Fund OEIC (BETF), began trading on August 13 and is denominated in U.S. dollars. Backed by actual bitcoin holdings, the BETF is designed to give both institutional and retail investors secure exposure to BTC without the complexities of self-custody or dealing with crypto exchanges.

Custody for the ETF is managed by BitGo, a U.S.-regulated custodian that insures up to $250 million in digital assets. With its offline cold storage and secure vault infrastructure, BitGo adds a layer of security critical for attracting capital wary of operational and hacking risks.

Kazakhstan has emerged as a crypto hotspot in recent years, becoming one of the top bitcoin mining countries after China’s 2021 mining ban displaced many operations. The country’s affordable coal-based energy and favorable regulations have supported this growth.

The ETF is regulated by the Astana International Financial Centre (AIFC), a jurisdiction aiming to serve as a regional financial hub. The AIFC offers legal protections, sanction-resilient asset structures, and a defined digital asset framework—features that make Kazakhstan increasingly appealing for crypto investment vehicles.

While other Central Asian countries, including Uzbekistan and Kyrgyzstan, have taken more conservative approaches toward crypto, Kazakhstan has embraced innovation, becoming the first in the region to list a spot bitcoin ETF.

BETF is designed for efficiency, with in-kind settlement mechanisms, low total expense ratios, and minimal tracking error relative to bitcoin’s market price. The fund aims to provide investors a seamless path to include bitcoin in diversified portfolios through familiar, regulated channels.

Fonte Capital, registered with the AIFC since 2022, manages a range of diversified investment products. The firm says the BETF offers a “simple, transparent, and reliable” way to access bitcoin, adding Kazakhstan to the growing list of jurisdictions—alongside the U.S., Canada, and Hong Kong—that have approved physically backed bitcoin ETFs.