Kazakhstan’s central bank plans to invest up to $350 million from its gold and foreign exchange reserves into a crypto-linked portfolio, with initial purchases expected in April or May, senior officials said at a Friday briefing.
National Bank Governor Timur Suleimenov said the bank is compiling a list of instruments for the portfolio. The basket will include crypto-linked assets and could include direct cryptocurrency exposure, though officials indicated the initial emphasis will be on listed instruments tied to the sector. Deputy Governor Aliya Moldabekova said funds allocated for the initiative are currently held in money market instruments and reiterated the first investments may begin in April or May. She added the investments could include shares in companies tied to digital asset infrastructure and exchange-traded funds (ETFs) tracking them.
The remarks followed the bank’s interest rate decision. National Business reported that about $350 million from Kazakhstan’s National Fund would be allocated to build the portfolio, and that an additional $350 million from the central bank’s gold and foreign exchange reserves might be used to create a separate sub-portfolio tied to similar assets.
The move is among Kazakhstan’s clearest steps toward gaining market exposure to digital assets through reserve management. It follows earlier discussions: on Nov. 7, 2025, officials considered creating a state crypto reserve of $500 million to $1 billion funded partly by sovereign assets and confiscated digital assets, and on Sept. 30, 2025, the government launched the state-backed Alem Crypto Fund to invest in digital assets through the Astana International Financial Centre.
Cointelegraph contacted the National Bank of Kazakhstan but had not received a response by publication.