South African Firm Altvest Capital Becomes First Listed Company to Adopt Bitcoin
Altvest Capital has become the first publicly listed company in Africa to adopt Bitcoin as a strategic treasury asset. The firm has purchased one BTC valued at approximately 1.8 million rand (around $98,200).
- The company aims to raise up to 200 million rand ($10 million) by selling shares to increase its Bitcoin holdings.
- Altvest views Bitcoin as a hedge against inflation and economic uncertainties, particularly the depreciation of the South African Rand.
- CEO Warren Wheatley emphasized Bitcoin's decentralized nature as a key factor in its selection over other cryptocurrencies.
- Altvest plans to list Bitcoin-linked equity instruments for direct investor exposure to Bitcoin's performance.
- The company's strategy aligns with a global trend of corporate adoption of Bitcoin, following notable companies like Metaplanet and Hut 8 Mining Corp.
Altvest intends to focus solely on Bitcoin, with no current plans to explore other digital assets like Ethereum or Solana.