Bitcoin News Today: Africa's First Bitcoin-Treasury Company Aims to Rival Corporate Giants

Altvest Capital Ltd., a South African investment firm, has announced plans to raise $210 million to purchase Bitcoin and rebrand as Africa Bitcoin Corp., marking a significant pivot in its business strategy. This move positions Altvest as the first listed company in Africa to treat Bitcoin as a primary treasury reserve asset, a concept typically reserved for traditional assets like cash or gold [1]. The company aims to mirror the strategies of firms such as MicroStrategy and Japan’s Metaplanet, which have enhanced valuations by acquiring substantial Bitcoin reserves [2].

The firm will hold Bitcoin directly on its balance sheet, with CEO Warren Wheatley emphasizing that the initiative provides institutional investors with regulated exposure to the cryptocurrency through the equity market. Wheatley highlighted that institutional players, such as pension funds and unit trusts, often lack the avenues to invest directly in Bitcoin. By purchasing shares in Altvest, these investors can gain indirect exposure to Bitcoin in a compliant manner [3]. Altvest’s crypto venture will be managed through its subsidiary, Altvest Bitcoin Strategies Pty Ltd., authorized to offer crypto services under the supervision of South Africa’s Financial Sector Conduct Authority [4].

To expand its reach and attract capital, Altvest plans to list on exchanges in Namibia, Botswana, and Kenya, with discussions also underway for an international listing. The firm is seeking investment from both international and African investors. As of Thursday morning, Bitcoin was trading at $110,942, reflecting a 95% increase over the past year, while Altvest’s shares had declined by 25% in the same period [5]. This strategic shift underscores a growing trend of corporate adoption of Bitcoin as a reserve asset, with public companies collectively now holding over 1 million Bitcoin.

Africa Bitcoin Corp. has also joined a growing list of firms positioning themselves as major Bitcoin holders. According to recent data, the company now holds 636,505 BTC, the largest corporate Bitcoin reserve to date. Other notable entities include MARA Holdings with 52,477 BTC, and XXI, founded by Strike CEO Jack Mallers, which holds 43,514 BTC. This growing trend of corporate Bitcoin accumulation highlights a broader shift in how digital assets are being integrated into corporate financial strategies [6].

In parallel, the broader African crypto landscape is witnessing developments in regulation and infrastructure. Ripple, a major player in the crypto space, has expanded its presence in the continent by partnering with fintechs like Chipper Cash and Yellow Card to promote the use of its stablecoin, RLUSD. These partnerships aim to enhance cross-border payment efficiency and provide a stable medium for institutional transactions. Meanwhile, regulatory bodies such as Nigeria’s Senate are engaging with blockchain associations to develop more structured frameworks for crypto exchanges. This reflects a wider trend of increased crypto adoption and regulatory attention across the continent [7].

Source:

[1] South Africa's Altvest to Raise $210M for Bitcoin Treasury ... (https://finance.yahoo.com/news/south-africa-altvest-raise-210m-092602125.html)

[7] Ripple Expanding, Nigeria On Crypto Regulations Amid ... (https://finance.yahoo.com/news/africa-crypto-news-ripple-expanding-084933396.html)