The U.S. regulated crypto custodian BitGo will custody assets for Central Asia's first spot Bitcoin exchange-traded fund (ETF), which debuted on Wednesday at the Astana International Exchange in Kazakhstan.
The Astana International Exchange (AIX), operating under the framework of the Astana International Financial Center (AIFC), announced the listing of the Fonte Bitcoin Exchange-Traded Fund (BETF) on Wednesday.
AIX stated that the BETF, managed by AIFC-registered asset management company Fonte Capital, provides a channel for indirect investment in Bitcoin (BTC) for a wide range of investors, including retail participants.
The BETF fund is physically backed by Bitcoin held in custody by BitGo Trust, a U.S. subsidiary of BitGo known for providing BTC custody services to major U.S. Bitcoin ETF issuers, including ARK Invest and 21Shares.
BitGo's involvement in the spot Bitcoin ETF issued by Fonte Capital marks the first time the platform has provided institutional-grade Bitcoin investment channels for Central Asian investors, the company stated in a release on platform X.
"Kazakhstan is entering a new era of digital assets," the company said, adding that it will provide custody services through "secure U.S. regulated cold storage."
While BitGo publicly acknowledged its role in the new spot Bitcoin ETF, neither Fonte Capital nor the Astana International Exchange mentioned the custodian in their announcements. Cointelegraph reached out to AIX, Fonte, and BitGo for comments but had not received a response by the time of publication.
According to Shady El Damaty, co-founder of human.tech by Holonym, a digital identity innovator, the increasingly important role of platforms like BitGo in global spot Bitcoin products is a double-edged sword.
"On one hand, you get institutional-grade custody from the start, which is important for investor confidence. On the other hand, it highlights how centralized this infrastructure layer still is," he told Cointelegraph.
El Damaty emphasized the growing demand for local crypto products in emerging markets, arguing that relying on a single global player is not a long-term solution, but it does allow products like spot Bitcoin ETFs to enter the market more quickly.
"BitGo's involvement provides an instant credibility boost for Kazakhstan," he said, adding:
Local crypto insider Bakhrom Saydulloev, head of products at Mercuryo, echoed El Damaty's views, stressing that strong local custody is crucial for financial sovereignty in jurisdictions like Kazakhstan.
"But right now, using a verified global custodian is the fastest way to gain credibility and attract foreign capital," Saydulloev told Cointelegraph.
Founded in 2017, AIX is supported by AIFC, the Shanghai Stock Exchange, the Silk Road Fund, and Nasdaq, with a trading volume of approximately $130 million as of July 2025.
While AIX's trading volume is relatively modest compared to giants like Nasdaq—where European stock trading reached $73 billion last month—the launch of the BETF is significant as it provides a regulated Bitcoin investment channel for historically excluded investors.
"Until now, there have been no regulated locally listed products providing Bitcoin exposure for investors," Saydulloev said, emphasizing that Kazakhstan has become a major player in the crypto industry, including cryptocurrency mining.
"In regions where traditional finance leaves a huge gap, such tools can serve as a bridge, not only for investors but also for ordinary people to start participating in the digital economy," El Damaty said.
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Original article: “BitGo-backed Central Asia's first spot Bitcoin (BTC) ETF launches in Kazakhstan”
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