Altvest Capital Plans $210 Million Bitcoin Reserve and Rebrand
Altvest Capital Ltd. will raise $210 million and rebrand as Africa Bitcoin Corp., aiming to mirror MicroStrategy’s strategy by making Bitcoin its primary treasury reserve asset.
South African firm Altvest Capital Ltd. has announced a $210 million fundraising plan to purchase Bitcoin, rebranding as Africa Bitcoin Corp. and becoming the first listed African company to adopt Bitcoin as its primary treasury reserve asset. The company, valued at about $3 million, intends to hold Bitcoin directly on its balance sheet, treating it as a long-term store of value akin to cash or gold. CEO Warren Wheatley emphasized that the strategy will allow institutional investors like pension funds and retirement annuities to gain regulated Bitcoin exposure through equity markets. Altvest also plans listings in Namibia, Botswana, and Kenya, with an international listing under consideration. The initiative will be managed via Altvest Bitcoin Strategies Pty Ltd., authorized through CAEP Asset Managers under South Africa’s FSCA. The announcement coincides with broader corporate adoption trends, as over 120 public companies now hold more than 1 million Bitcoin collectively, led by Strategy with 636,505 BTC. As of Thursday, Bitcoin traded at $110,942, nearly doubling over the past year, while Altvest shares have declined 25%.
- Treasury Reserve Asset: A financial asset, such as gold, cash, or Bitcoin, held by corporations to preserve value and provide long-term stability.
- Balance Sheet: A financial statement that reports a company’s assets, liabilities, and equity at a specific point in time.
- Financial Sector Conduct Authority (FSCA): South Africa’s regulatory body overseeing financial institutions, ensuring compliance and consumer protection.