South Africa’s AltVest plans to become the first public company in Africa to adopt Bitcoin as its primary treasury reserve asset. The company has already purchased one Bitcoin and is now seeking regulatory approval to raise $10 million through a share sale to expand its Bitcoin holdings.
AltVest Capital Plans to Boost Bitcoin Holdings
According to a Bloomberg report, AltVest’s board conducted a risk assessment before moving forward, determining that Bitcoin aligns well with the company’s asset investment strategy. The firm, which operates a platform helping private businesses raise funds, sees Bitcoin as a way to diversify its holdings and preserve value amid economic uncertainty.
However, CEO Warren Wheatley emphasized that no final decision has been made regarding the fundraising. While commenting on the company’s Bitcoin-related decision in a Bloomberg interview, he said:
“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.”
Meanwhile, AltVest plans to invest in sports finance in addition to its Bitcoin strategy. The company is considering acquiring a stake in South Africa’s Springboks national team. Wheatley revealed that investors will soon be able to buy a stake in the team through AltVest’s platform, opening a new avenue for fans to invest in their beloved team.
Not the First
AltVest’s decision mirrors a trend among global companies incorporating Bitcoin into their corporate treasury strategy. The approach was led by Michael Saylor’s Strategy (formerly MicroStrategy), whose aggressive Bitcoin accumulation spree has significantly boosted its stock price by more than 2,400% since it began accumulating the crypto.
Semler Scientific, a U.S.-based healthcare company, reported an unrealized gain of approximately $28.9 million from the change in the fair value of its Bitcoin holdings during the last quarter of 2024. Today, the firm holds 3,192 BTC worth over $314 million.
Japanese investment firm Metaplanet has expanded its Bitcoin portfolio by purchasing an additional 68.59 BTC for approximately $6.6 million, bringing its total holdings to 2,100 BTC.
Meanwhile, Bitcoin was trading at around $98,500 at press time. The crypto asset has garnered attention lately with the introduction of exchange-traded funds (ETF) tracking its price.
