Altvest Capital Ltd., a South African financial services firm, plans to raise $210 million to buy Bitcoin and establish a crypto treasury reserve. The company will also rebrand as Africa Bitcoin Corp, CEO and founder Warren Wheatley confirmed.
With this shift, Altvest becomes the first listed African company to adopt Bitcoin as its primary treasury reserve asset, following the playbook of firms like Michael Saylor’s MicroStrategy and Japan’s Metaplanet Inc. Both saw valuations surge after embracing Bitcoin as a balance-sheet cornerstone.
Currently valued at 52.8 million rand ($3 million), Altvest intends to hold Bitcoin as a core reserve asset—much like companies traditionally do with cash or gold. Smaller firms worldwide are mirroring MicroStrategy’s approach by raising capital to build crypto treasuries, betting the strategy will attract long-term investors.
“Pension funds, retirement annuities, and unit trusts typically can’t buy Bitcoin directly,” Wheatley explained. “But by investing in our shares, they’ll gain regulated exposure through equity.”
Bitcoin has nearly doubled in the past year, rising 95%, though it slipped 0.4% to $110,942.53 early Monday in Johannesburg. Altvest’s stock, meanwhile, has dropped 25% in the same period.
To fund its Bitcoin push, the company is targeting both local and international investors and aims to list abroad as well as across African markets—including Namibia, Botswana, and Kenya—to broaden investor access.
The effort will be spearheaded through Altvest Bitcoin Strategies Pty Ltd., which will act as a representative of CAEP Asset Managers Pty Ltd., an FSCA-authorized firm providing regulated crypto services.
