Kazakhstan Reports $190 Million Invested From National Crypto Reserve

Kazakhstan had invested about $190 million from its National Strategic Crypto Reserve as of Oct. 31, putting part of the $700 million program into digital-asset exposure.

In a Nov. 9 interview, National Bank of Kazakhstan Deputy Governor Binur Zhalenov said the reserve had allocated the money to hedge funds and exchange-traded funds providing exposure to digital assets. Investments are being made in stages as managers assess available instruments and risks.

The reserve was established in December 2025 with an initial allocation of $700 million. Half came from the National Bank’s gold and foreign-exchange assets, while the other half came from Kazakhstan’s National Fund. Each source contributed $350 million.

That starting allocation is distinct from the reserve’s potential investment scale. In a June 4, 2026, release, the National Bank set that scale at up to $1 billion. The reserve’s broader investment scope includes digital assets, financial products tied to them and equity in related companies.

Future assets may include digital assets forfeited to the state under court rulings and digital assets obtained through strategic digital mining. Zhalenov said legal amendments and procedures across government agencies were being prepared to define how assets would be transferred and held, and who would be responsible at each stage.

The National Investment Corporation of the National Bank of Kazakhstan JSC is slated to manage the assets. Accounting and custody are planned around the Central Securities Depository. Work on the legal rules and transfer procedures remains underway.