Kazakhstan deploys $190 million of its $700 million crypto reserve

Bloomberg reported on Nov. 5 that about $100 million went to cryptocurrency-focused funds, including Ege DeFi, Brevan Howard Digital and PDO. Another $90 million was allocated to cryptocurrencies and ETFs focused on Bitcoin. The report did not specify how that latter amount was divided between tokens and ETF shares, or identify the products as spot funds.

The reserve was established in December 2025 with $350 million each from the central bank’s gold and foreign exchange assets and Kazakhstan’s National Fund, Zhalenov said. Based on the disclosed totals, the reported investments amount to roughly 27.1% of the $700 million allocation, leaving $510 million outside the reported invested amount.

The National Bank assigned management to its National Investment Corporation, with the Central Securities Depository designated to account for and store digital assets. The bank said the investment mandate includes digital assets, related derivatives, and shares or stakes in companies developing or investing in the sector. It also said an annual report on management results would be submitted to Kazakhstan’s Council for National Fund Management.

Earlier plans described a staged process. In January, officials said five hedge funds had been shortlisted, without naming them. At a March 6 briefing, National Bank Governor Timur Suleimenov described assessments of crypto-related technology companies, index funds and instruments tracking digital assets. Deputy Chair Aliya Moldabekova said investments were expected to start in April or May. The National Bank also said the reserve would not use budget funds.