Key Notes
- South Africa’s Altvest Capital becomes the first publicly listed African company to adopt Bitcoin as a treasury asset, signaling a major shift in the region’s financial strategies.
- The company plans to raise 200 million rand ($10 million) through share sales to acquire more Bitcoin and further solidify its crypto-backed treasury strategy.
- Altvest’s move follows a global trend where major companies are adding Bitcoin to their corporate reserves.
The 2024 trend of corporate institutions integrating cryptocurrencies into their financial strategies has reached Africa, with South Africa’s Altvest Capital leading the charge. On Friday, the company announced it has become the first publicly listed firm on the continent to adopt Bitcoin BTC $96 465 24h volatility: 2.0% Market cap: $1.91 T Vol. 24h: $46.44 B as a strategic treasury asset.
To mark its entry into the crypto economy, Altvest Capital has purchased one BTC, valued at approximately 1.8 million rand (around $98,200). This initial acquisition symbolizes the company’s commitment to embracing digital assets.
Altvest Capital Makes History with Bitcoin !
Altvest Capital becomes the first publicly traded listed company in Africa to adopt Bitcoin as strategic treasury asset, reinforcing our commitment to innovation, resilience, and alternative investments.
With Bitcoin’s scarcity,… pic.twitter.com/3AI7I7bj5L
— Altvest Capital (@CapitalAltvest) February 21, 2025
Bitcoin is a Different Kind of Crypto Asset
According to a filing published by the company on Thursday, the firm is also seeking to raise up to 200 million rand ($10 million) by selling some of its shares to increase its bitcoin acquisition.
Altvest sees the crypto asset as more than just a store of value. According to the firm, Bitcoin has the potential to transform the company’s financial reserves as a hedge against market inflation and other economic uncertainties.
“We see Bitcoin as a strategic reserve asset that enhances our treasury portfolio while providing a hedge against economic instability and currency depreciation, particularly the depreciation of the South African Rand,” the company’s CEO Warren Wheatley told Bloomberg in an interview.
In addition to a potential raise of funds for Bitcoin purchases, the company has filed with the appropriate authorities and regulators to list Bitcoin-linked equity instruments. The move is aimed at providing investors with direct exposure to Bitcoin’s performance through traditional financial markets.
While disclosing why the company chose Bitcoin over other digital assets, Wheatley said its true decentralized nature makes it stand out among other cryptocurrencies.
“It is the only truly decentralized, scarce, and globally recognized digital asset that aligns with Altvest’s investment philosophy. We see Bitcoin as a strategic reserve asset that enhances our treasury portfolio while providing a hedge against economic instability and currency depreciation,” he said.
Due to Bitcoin’s characteristics, Altvest plans to remain devoted to the crypto asset, with no plans to explore other options like Ethereum ETH $2 689 24h volatility: 2.5% Market cap: $324.65 B Vol. 24h: $34.52 B and Solana SOL $172.0 24h volatility: 2.0% Market cap: $84.20 B Vol. 24h: $5.26 B . Although the company plans to continue to evaluate market conditions and technological advancements in the altcoin space, despite focusing on Bitcoin.
Strategy Opens the Door for Corporate Bitcoin Adoption
Meanwhile, Altvest Bitcoin’s move aligns with a growing global trend of corporations incorporating Bitcoin into their treasury reserves. In 2024, several notable companies like Metaplanet, Genius Group, Hut 8 Mining Corp, Rumble, and Indian’s Jetking Infotrain Limited, added bitcoin as part of their corporate reserves.
This movement was started by Strategy, a business intelligence company formerly known as MicroStrategy, in August 2020. The company’s celebrated its entrance into the crypto economy with the purchase of 21,454 BTC, worth approximately $250 million at the time.
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