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

BitGo, a US-regulated crypto custodian, will safeguard assets for Central Asia’s first spot Bitcoin exchange-traded fund (ETF), which debuted Wednesday on the Astana International Exchange in Kazakhstan.

The Astana International Exchange (AIX), a stock exchange operating within the Astana International Financial Centre (AIFC) framework, announced the listing of the Fonte Bitcoin Exchange Traded Fund (BETF) on Wednesday.

Managed by AIFC-registered asset manager Fonte Capital, BETF offers indirect investment access to Bitcoin (BTC) to a wide range of investors, including retail participants, AIX said.

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

US-regulated cold storage for Kazakhstan

BitGo’s involvement in Fonte Capital-issued spot Bitcoin ETF marks the first time for the platform to provide institutional-grade Bitcoin access to investors in Central Asia, the company said in a statement on X.

“Kazakhstan is entering a new era for digital assets,” the company said, adding that it will offer its custody services through “secure, US-regulated cold storage.”

BitGo announced providing custody for BETF on Wednesday. Source: BitGoWhile 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 comment but had not received a response by publication.

BitGo’s role is a “double-edged sword”

The growing role of platforms like BitGo in spot Bitcoin products worldwide is a double-edged sword, according to Shady El Damaty, digital identity innovator and co-founder of human.tech by Holonym.

“On one hand, you’re getting institutional-grade custody right out of the gate, which matters for investor confidence. On the other hand, it highlights how concentrated this layer of infrastructure still is,” he told Cointelegraph.

Related: BitGo files for US IPO as crypto custody business surpasses $100B

El Damaty highlighted the growing need for local crypto products in developing markets, suggesting that relying on a single global player isn’t a long-term solution, but it still gets products like spot Bitcoin ETFs to market faster.

“BitGo’s involvement gives Kazakhstan an instant credibility boost,” he said, adding:

“Ideally, countries should be working toward building local custodians that meet the same security standards. That way, you’re not just importing financial infrastructure, you’re growing it at home, giving the market both sovereignty and resilience.”

Bakhrom Saydulloev, a local crypto insider and product lead at Mercuryo, echoed El Damaty’s view, emphasizing that strong local custody is crucial for the financial sovereignty of jurisdictions like Kazakhstan.

“But right now using a proven global custodian is the fastest route to credibility and foreign capital inflows,” Saydulloev told Cointelegraph.

Impact on the market

Founded in 2017, AIX is backed by the AIFC, the Shanghai stock exchange, the Silk Road Fund and Nasdaq, handling around $130 million in monthly trades as of July 2025.

While AIX volumes are modest compared with giants like Nasdaq — which saw $73 billion in European equity trades last month — the BETF launch is significant as it provides regulated Bitcoin access to investors who have historically been excluded.

Source: AIX“Until now, there was no regulated, locally listed product giving investors exposure to it,” Saydulloev said, stressing that Kazakhstan has emerged as a major player in the crypto industry, including cryptocurrency mining.

“In regions where traditional finance has left huge gaps, tools like this can be a bridge, not just for investors, but for everyday people to start participating in the digital economy,” El Damaty said.

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