$300 Million Crypto Bet: Kazakhstan’s Central Bank Gears Up

[Ben Graham]

Kazakhstan’s central bank has signaled plans to place up to $300 million into crypto and crypto-linked assets, a move that would mark one of the clearest examples yet of a sovereign institution putting reserve money into this market. Based on reports, the funds would come from the country’s gold and foreign-exchange reserves rather than its social or oil wealth funds.

Central Bank Moves Cautiously

According to central bank briefings and market reporting, the investment will not be made all at once. Initial tranches could be modest — figures discussed publicly include amounts like $50 million and $100 million as possible early steps, with larger allocations of $250 million also on the table if conditions allow. The plan appears to be phased, with the bank watching price swings and market signals before committing major sums.

The assets under consideration may include direct holdings of crypto tokens or instruments linked to the crypto sector, such as exchange-traded products and equity stakes in companies that serve the industry. Based on reports, the central bank’s alternative investments arm, which already holds high-tech and financial assets, would manage the placement.

Investment Targets And Broader Plans

Reports have disclosed that this move sits alongside a wider push to create a national digital-asset reserve fund. Officials and informed sources have mentioned target sizes in the range of $500 million to $1 billion for that reserve. That proposed fund would focus more on ETFs and corporate equity than on simply holding tokens in wallets.

An existing state initiative, the Alem Crypto Fund, has already taken public steps into the market. In September 2025 the fund made an investment in the cryptocurrency BNB, signaling that parts of the state apparatus are experimenting with exposure to digital assets. That action is being watched closely by both domestic policymakers and foreign observers.

Risks And Safeguards

The central bank has stressed caution. Large price swings in major tokens have been noted as a reason to phase investments slowly. The proposed $300 million allocation, according to briefings, would be drawn from non-essential reserves — explicitly kept separate from Kazakhstan’s National Fund that pays for public programs — which is meant to protect social spending from market losses.

Some of the purchases, reports suggest, could be executed through regulated financial products rather than raw token buys, lowering custody and liquidity risks. The decision to structure the program in stages is intended to reduce the chance of a sudden, large loss if markets move against the holdings.

Featured image from kursiv.media, chart from TradingView