BitGo backs Central Asia’s first spot Bitcoin ETF in Kazakhstan

BitGo, a US-regulated crypto custodian, volition safeguard assets for Central Asia’s archetypal spot Bitcoin exchange-traded money (ETF), which debuted Wednesday connected the Astana International Exchange successful Kazakhstan.

The Astana International Exchange (AIX), a banal speech operating wrong the Astana International Financial Centre (AIFC) framework, announced the listing of the Fonte Bitcoin Exchange Traded Fund (BETF) connected Wednesday.

Managed by AIFC-registered plus manager Fonte Capital, BETF offers indirect concern entree to Bitcoin (BTC) to a wide scope of investors, including retail participants, AIX said.

The BETF money is physically backed by Bitcoin held successful custody of BitGo Trust, a US-based subsidiary of BitGo, which is known for providing BTC custody to large US Bitcoin ETF issuers, including ARK Invest and 21Shares.

US-regulated acold retention for Kazakhstan

BitGo’s engagement successful Fonte Capital-issued spot Bitcoin ETF marks the archetypal clip for the level to supply institutional-grade Bitcoin entree to investors successful Central Asia, the institution said successful a connection connected X.

“Kazakhstan is entering a caller epoch for integer assets,” the institution said, adding that it volition connection its custody services done “secure, US-regulated acold storage.”

BitGo announced providing custody for BETF connected Wednesday. Source: BitGo

While BitGo publically acknowledged its relation successful the caller spot Bitcoin ETF, neither Fonte Capital nor the Astana International Exchange mentioned the custodian successful their announcements. Cointelegraph reached retired to AIX, Fonte and BitGo for remark but had not received a effect by publication.

BitGo’s relation is simply a “double-edged sword”

The increasing relation of platforms similar BitGo successful spot Bitcoin products worldwide is simply a double-edged sword, according to Shady El Damaty, integer individuality innovator and co-founder of human.tech by Holonym.

“On 1 hand, you’re getting institutional-grade custody close retired of the gate, which matters for capitalist confidence. On the different hand, it highlights however concentrated this furniture of infrastructure inactive is,” helium told Cointelegraph.

Related: BitGo files for US IPO arsenic crypto custody concern surpasses $100B

El Damaty highlighted the increasing request for section crypto products successful processing markets, suggesting that relying connected a azygous planetary subordinate isn’t a semipermanent solution, but it inactive gets products similar spot Bitcoin ETFs to marketplace faster.

“BitGo’s engagement gives Kazakhstan an instant credibility boost,” helium said, adding:

“Ideally, countries should beryllium moving toward gathering section custodians that conscionable the aforesaid information standards. That way, you’re not conscionable importing fiscal infrastructure, you’re increasing it astatine home, giving the marketplace some sovereignty and resilience.”

Bakhrom Saydulloev, a section crypto insider and merchandise pb astatine Mercuryo, echoed El Damaty’s view, emphasizing that beardown section custody is important for the fiscal sovereignty of jurisdictions similar Kazakhstan.

“But close present utilizing a proven planetary custodian is the fastest way to credibility and overseas superior inflows,” Saydulloev told Cointelegraph.

Impact connected the market

Founded successful 2017, AIX is backed by the AIFC, the Shanghai banal exchange, the Silk Road Fund and Nasdaq, handling astir $130 cardinal successful monthly trades arsenic of July 2025.

While AIX volumes are humble compared with giants similar Nasdaq — which saw $73 cardinal successful European equity trades past period — the BETF motorboat is important arsenic it provides regulated Bitcoin entree to investors who person historically been excluded.

Source: AIX

“Until now, determination was nary regulated, locally listed merchandise giving investors vulnerability to it,” Saydulloev said, stressing that Kazakhstan has emerged arsenic a large player successful the crypto industry, including cryptocurrency mining.

“In regions wherever accepted concern has near immense gaps, tools similar this tin beryllium a bridge, not conscionable for investors, but for mundane radical to commencement participating successful the integer economy,” El Damaty said.

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