South African financial firm Altvest Capital is making waves in the cryptocurrency sector, becoming the first publicly listed company in Africa to incorporate Bitcoin into its treasury reserves. The Johannesburg-based firm recently acquired one Bitcoin, valued at around 1.8 million rand ($98,200), and is now awaiting regulatory approval to raise an additional $10 million via a share sale to further expand its Bitcoin holdings.
A Strategic Leap into Crypto
Altvest’s Chief Executive Officer, Warren Wheatley, reaffirmed that the firm is solely focused on Bitcoin and has no intentions of investing in other digital assets. This strategy closely mirrors that of U.S. company MicroStrategy, which began accumulating Bitcoin in 2020 as its primary treasury reserve asset.
The decision to adopt Bitcoin stems from Altvest’s goal to safeguard shareholder value, hedge against currency depreciation, and capitalise on Bitcoin’s reputation as a globally recognised store of value.
Growing Crypto Adoption in South Africa
This move aligns with a broader trend of increased regulatory engagement with digital assets in South Africa. In March 2024, the Financial Sector Conduct Authority (FSCA) granted approval for 59 cryptocurrency companies to operate legally in the country, highlighting the growing acceptance of crypto within the local financial ecosystem.
Altvest’s bold step signals a growing confidence in Bitcoin as a hedge against economic uncertainties, positioning it among forward-thinking firms looking to leverage the digital asset for long-term financial stability.
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