A state-backed crypto fund just made its first buy — and it wasn’t Bitcoin

A sovereign crypto fund surprised markets by making its first investment in BNB, rather than Bitcoin. This is a big, bold move in Kazakhstan’s strategy.

Kazakhstan has launched the Alem Crypto Fund, a state-backed initiative aimed at building long-term digital asset reserves. Managed by Qazaqstan Venture Group and operating under the AIFC, the fund marks a significant step in the country’s regulated adoption of blockchain-based investments.

Surprisingly, the fund’s inaugural purchase was not Bitcoin (BTC) but BNB (BNB), the native token of the BNB Chain. Through a strategic partnership with Binance Kazakhstan, a local entity licensed under the Astana International Financial Centre (AIFC) regime, the fund was able to secure custody and align with compliance frameworks from the outset.

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