Altvest Capital Ltd., listed in South Africa, looks to become the first publicly-traded company in Africa to adopt Bitcoin (BTC) as a treasury reserve asset.
The company shared the news via a press release on February 21.
Altvest Capital said its eyeing regulatory approval that would allow it to add the flagship digital asset as a primary strategic reserve asset.
The company has, therefore, acquired one bitcoin and targets raising 200 million rand, or $10 million for a BTC stockpile.
Publicly-traded Altvest joins many other firms that have adopted BTC as a strategic reserve asset.
They include firms in the Bitcoin mining space, tech industry, media and entertainment and healthcare.
In its statement, Altvest says Bitcoin will not only enhance their treasury portfolio, but also serve as a hedge against currency depreciation.
“Bitcoin is fundamentally different from other digital assets. 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,” Warren Wheatley, CEO of Altvest Capital, said in a statement.
Altvest to emulate Michael Saylor’s Strategy
If Altvest stockpiles BTC, its move will emulate Strategy (formerly MicroStrategy).
The US-listed company is on the top of list of the world’s corporate holders of BTC.
Strategy, which first bought BTC in August 2020, has seen its stock’s price soar a staggering 2,400% since that first purchase.
Meanwhile, the company’s Bitcoin haul has surged to over $31.1 billion, accounting for 478,740 BTC acquired at the average purchase price of $65,033 per BTC.
Last week, Strategy founder and executive chairman Michael Saylor announced the company did not sell shares under its at-the-market (ATM) program.
Thus, the firm did not acquire any more Bitcoin.
However, Strategy has a proposed $2 billion private offering of convertible senior notes, proceeds of which will go into buying more BTC.
Metaplanet adds to BTC haul
This strategy has inspired multiple other publicly-traded companies to pursue a Bitcoin corporate strategy.
Metaplanet, an investment firm listed on the Tokyo Stock Exchange, is one of those to see success after adopting the ‘Michael Saylor blueprint’.
Using corporate cash and debt, Metaplanet has purchased over $169 million worth of BTC.
On February 20, 2025, Metaplanet CEO Simon Gerovich announced that the company had added another 68.59 BTC to its holding, buying the coins at $96,335 each for a total of $6.6 million.
As of February 20, the firm held 2100 BTC.
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