Astana, 10 November. Of the 700 million dollars in the national crypto reserve, 190 million dollars had been invested by the end of October in hedge funds and exchange-traded funds of digital assets, National Bank Deputy Governor Binur Zhalenov said in an interview with Kazinform, the National Bank posted.
Zhalenov noted that in 2025 Kazakhstan invested in Anthropic, a well-known AI developer, and that the company’s valuation has since risen several times over. He did not disclose details of the other investments: through which instrument the Anthropic stake was bought, for what amount and what share of the reserve it takes is not reported, so it is hard to assess returns in a highly volatile market.
The reserve was built in two parts: 350 million dollars was allocated last year and another 350 million this year, as the same Zhalenov said at a government briefing, Kazinform wrote. The portfolio is managed by the National Investment Corporation, a subsidiary of the National Bank. Then Zhalenov gave the invested sum only approximately: “about 200 million dollars”, mostly in hedge funds that manage liquidity on crypto markets, and not in a single cryptocurrency but a basket that includes bitcoin, Solana and others. The current 190 million dollars is stated more precisely, but the two figures cannot be compared directly: the earlier one was approximate.
Anthropic is meanwhile preparing to list its shares: the company will set a valuation range this week, The Wall Street Journal reported, and trading could begin on Thursday or Friday of next week, TechCrunch relayed. Some investors, by the same report, are pushing for a valuation below 1.5 trillion dollars. The relay contains no confirmation from Anthropic itself.
What it means: Kazakhstan turns out to be among the investors in a company whose share offering is expected next week, and said so on the eve of the offering. The size of the stake and the way it is held are not disclosed, so the state’s gain cannot yet be assessed.
Who benefits: The National Bank as the holder of the reserve, if Anthropic’s valuation really has risen several times over: Zhalenov himself said so. What share of the reserve this invested sum takes is unknown.
Background: A hedge fund is an investment fund that uses various techniques to protect investments against market swings; the name comes from the English hedge, a fence or safeguard. An exchange-traded fund (ETF) is a fund whose units trade on an exchange like shares.
