Altvest is First African Listed Firm to Adopt Bitcoin as Reserve Asset
TLDR
- Altvest Capital Ltd. plans to become the first publicly listed African company to hold Bitcoin as its primary treasury reserve asset
- The South African firm has purchased one Bitcoin and is seeking regulatory approval to raise 200 million rand ($10 million) through a share sale
- The company, which helps raise capital for private businesses, plans to acquire a stake in the Springboks
Altvest Capital Ltd. plans to become the first publicly listed African company to hold Bitcoin as its primary treasury reserve asset, following a strategy pioneered by Michael Saylor’s MicroStrategy.
The South African firm has purchased one Bitcoin and is seeking regulatory approval to raise 200 million rand ($10 million) through a share sale to expand its holdings, Bloomberg quoted CEO Warren Wheatley as saying. Bitcoin traded around $97,000 on Thursday.
Altvest sees Bitcoin as a hedge against economic instability and currency depreciation, particularly the South African rand. The company, which helps raise capital for private businesses, plans to acquire a stake in the Springboks, South Africa’s national rugby team, offering customers an opportunity to invest through its platform.
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Key Takeaways
Altvest’s Bitcoin strategy highlights the growing acceptance of digital assets in corporate treasury management. While volatile, Bitcoin is increasingly seen as a store of value, particularly in economies facing currency risks. The move mirrors MicroStrategy’s aggressive Bitcoin accumulation, which has boosted its market value. However, critics warn that Bitcoin’s volatility could destabilize corporate balance sheets. Altvest’s dual approach—investing in Bitcoin and securing high-profile assets like the Springboks—positions it as a unique player in Africa’s alternative investment space. Its success could influence other African firms to consider digital assets for treasury diversification.
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