Bitcoin News Today: Africa’s First Bitcoin Treasury Firm Targets $210M Raise as Altvest Rebrands to Africa Bitcoin Corp

Africa’s First Bitcoin Treasury Firm Targets $210M Raise as Altvest Rebrands to Africa Bitcoin Corp

South African investment firm Altvest Capital Ltd. has announced plans to raise $210 million to acquire Bitcoin, marking a pivotal strategic shift as it rebrands to Africa Bitcoin Corp. This move positions the firm as the first listed company in Africa to adopt Bitcoin as its primary treasury reserve asset, a development reported by Bloomberg. The firm intends to hold Bitcoin on its balance sheet in a manner similar to cash or gold, treating it as a long-term store of value.

CEO Warren Wheatley emphasized that this strategy provides institutional investors—such as pension funds, retirement annuities, and unit trusts—a regulated avenue to gain exposure to Bitcoin through equity markets. “Many institutional investors in the region cannot directly buy Bitcoin,” Wheatley stated, adding that purchasing shares in Africa Bitcoin Corp. now allows for indirect, compliant exposure to the digital asset. This approach mirrors the strategies of companies like MicroStrategy and Japan’s Metaplanet, which increased their valuations by aggressively accumulating Bitcoin.

The firm is pursuing capital from both international and African investors and plans to list its shares on exchanges in Namibia, Botswana, and Kenya to broaden regional accessibility. An international listing is also under consideration. Altvest Bitcoin Strategies Pty Ltd., a unit of the firm, will manage the crypto initiative under the supervision of South Africa’s Financial Sector Conduct Authority. This unit is authorized by CAEP Asset Managers Pty Ltd. to provide crypto services, adding a regulatory layer to the company’s operations.

As of recent reports, Bitcoin was trading at $110,942, reflecting a 95% increase over the past year, while Altvest’s shares have declined by 25% in the same period. Despite the current valuation of Altvest at approximately $3 million, the firm is aiming to leverage its Bitcoin treasury strategy to attract institutional investment and drive growth.

The broader corporate landscape has also seen significant Bitcoin adoption. Strategy, a firm now holding 636,505 BTC, is the largest corporate holder of Bitcoin, far surpassing others such as MARA Holdings, which holds 52,477 BTC. New entrants like XXI, founded by Strike CEO Jack Mallers, and the Bitcoin Standard Treasury Company are also making strides with holdings of 43,514 BTC and 30,021 BTC, respectively. These developments underscore a growing trend of corporate entities incorporating Bitcoin into their treasury strategies.

While Altvest’s initiative is a major step for Africa, it occurs within a global context where the U.S. is also reshaping its approach to digital assets. The U.S. government has established a Strategic Bitcoin Reserve, signaling Bitcoin’s potential as a strategic financial asset. This, alongside the adoption of stablecoins regulated under the GENIUS Act, is reinforcing the dollar’s dominance in global finance, even as digital assets gain institutional legitimacy. For Africa, where the dollar remains a key reserve currency and stablecoins are increasingly used in remittances, these developments suggest a deeper integration of digital finance into existing monetary systems.

Source: [1] South Africa's Altvest to Raise $210M for Bitcoin Treasury (https://finance.yahoo.com/news/south-africa-altvest-raise-210m-092602125.html) [2] USA Bets on Bitcoin While the Dollar Holds Its Ground in African Reserves and Monetary Policy (https://www.ecofinagency.com/news/0709-48469-usa-bets-on-bitcoin-while-the-dollar-holds-its-ground-in-african-reserves-and-monetary-policy)