The U.S. compliant cryptocurrency custodian BitGo will provide asset protection for Central Asia's first spot Bitcoin exchange-traded fund (ETF), which was listed on the Astana International Exchange (AIX) in Kazakhstan on Wednesday.
The Astana International Exchange operates as a stock exchange under the framework of the Astana International Financial Center, announcing on Wednesday the listing of the Fonte Bitcoin Exchange-Traded Fund (BETF).
This fund is managed by Fonte Capital, an asset management company registered in the AIFC, providing a wide range of investors, including retail participants, with the opportunity for indirect investment in Bitcoin (BTC).
This BETF fund is backed by physical Bitcoin owned by the BitGo Trust entity, which provides BTC custody services for major Bitcoin ETF issuers in the U.S. such as ARK Invest and 21Shares.
U.S. compliant cold storage aids Kazakhstan.
BitGo provides institutional-level access to Bitcoin for Central Asian investors for the first time, stating that 'Kazakhstan has opened a new era of digital assets,' and will offer custody services through 'secure, U.S. regulated cold storage.'
Although BitGo publicly announced its role in the new spot Bitcoin ETF, neither Fonte Capital nor the Astana International Exchange mentioned BitGo in their announcements.
BitGo's role is a 'double-edged sword.'
Digital identity innovator and co-founder of human.tech by Holonym, Shady El Damaty, pointed out that the increasing role of platforms like BitGo in global spot Bitcoin products is a double-edged sword.
He said, 'On one hand, you immediately gain institutional-level custody, which is important for investor confidence; on the other hand, it highlights the concentration of infrastructure.'
El Damaty emphasized the growing demand for local crypto products in developing markets, stating that while relying on a single global player is not a long-term solution, it allows for quicker market entry of products like spot Bitcoin ETFs.
He suggested that countries should strive to build local custodians to achieve the same security standards, thereby increasing market sovereignty and resilience.
Market Impact
Founded in 2017, AIX has the support of AIFC, Shanghai Stock Exchange, Silk Road Fund, and Nasdaq. As of July 2025, it trades approximately $130 million monthly. Although AIX's trading volume is still relatively small compared to giants like Nasdaq, the launch of BETF allows historically excluded investors to invest in Bitcoin in a compliant manner.
Saydulloev noted that strong local custody is crucial for financial sovereignty in places like Kazakhstan, but currently using established global custodians is the fastest way to achieve credibility and attract foreign capital inflows.
