South Africa-based Altvest Capital aims to raise $210 million to buy Bitcoin and create a crypto treasury reserve. The company aims to capitalize on Bitcoin’s nearly doubling in value over the past year.
South Africa’s Altvest Plans to Raise $210 Million for Bitcoin Purchase
Altvest founder and CEO Warren Wheatley announced that the company will also be renamed Africa Bitcoin Corp. This will make Altvest the first publicly traded company in Africa to adopt Bitcoin as its primary treasury asset.
This strategy is similar to the model that has helped value companies like Michael Saylor’s Strategy and Japan-based Metaplanet.
The company, which has a market capitalization of around 52.8 million rand ($3 million), plans to hold Bitcoin as a core reserve asset on its balance sheet, like cash or gold. Smaller companies are similarly raising funds to build their own Bitcoin reserves and attract long-term investors.
Wheatley noted that many institutions, such as pension funds and investment trusts, cannot acquire Bitcoin directly, but they can gain indirect Bitcoin exposure through a regulated means through Altvest shares.
The company plans to raise funds from both local and international investors and is preparing to list on global exchanges. It also aims to reach a wider investor base across the continent by listing on African exchanges such as Namibia, Botswana, and Kenya.
Altvest’s subsidiary, Altvest Bitcoin Strategies Pty Ltd., will offer crypto services through licensed CAEP Asset Managers Pty Ltd.
*This is not investment advice.