BitGo Named Custodian for Kazakhstan's Inaugural Spot Bitcoin ETF
BitGo, a US-regulated crypto custodian, has been appointed to safeguard the assets of Central Asia�s first spot Bitcoin exchange-traded fund (ETF), launched this week on the Astana International Exchange (AIX) in Kazakhstan. The ETF, known as the Fonte Bitcoin Exchange Traded Fund (BETF), is managed by AIFC-registered asset manager Fonte Capital and offers indirect investment access to Bitcoin for both institutional and retail investors.
Launch of BETF
The BETF debuted on Wednesday, marking a milestone for Kazakhstan�s financial markets. Physically backed by Bitcoin and held in custody by BitGo Trust�a US-based arm of BitGo�the fund seeks to provide secure and regulated exposure to the cryptocurrency. BitGo is recognized for its role as custodian for several US-based Bitcoin ETF issuers.
With this move, BitGo provides its institutional-grade custody services to investors in Central Asia for the first time. The firm stated it will offer US-regulated cold storage to protect the assets held by the ETF.
Industry Perspectives
The inclusion of BitGo as custodian brings both benefits and challenges, according to industry voices. Shady El Damaty, co-founder of human.tech by Holonym, noted that while institutional custodians boost investor confidence and speed up market entry, they also reflect concentration in crypto infrastructure. El Damaty underscored the growing need to develop local solutions for sustainable growth in emerging markets, even as global custodians play a critical role in launching products quickly.
Bakhrom Saydulloev, product lead at Mercuryo, emphasized that proven global custodians can attract credibility and foreign capital. Still, he stressed that robust local custody is key to promoting financial sovereignty in Kazakhstan.
Context and Market Impact
Founded in 2017, AIX operates within the Astana International Financial Centre (AIFC) and is backed by notable entities including the Shanghai Stock Exchange, the Silk Road Fund, and Nasdaq. As of July 2025, AIX reported approximately $130 million in monthly trading volume. While modest compared to leading Western exchanges, the AIX listing of BETF marks the region�s first regulated, local opportunity for investors to gain Bitcoin exposure.
According to participants, regulated products like BETF can help close gaps in local capital markets and enable wider public participation in the digital economy.
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