Key Points
- Altvest Capital, based in Johannesburg, is aiming to raise $10 million to make Bitcoin its primary reserve asset.
- The company is seeking regulatory approval for this move, which would make it the first listed African company to adopt Bitcoin as its primary treasury reserve asset.
Altvest Capital, a company headquartered in Johannesburg, is currently seeking regulatory approval to raise approximately $10 million. The funds raised would be used to make Bitcoin its primary reserve asset.
The company has ambitions to become the first publicly listed firm in Africa to adopt Bitcoin as its main treasury reserve asset.
Interview with CEO
In an interview with Bloomberg on February 21, Warren Wheatley, the CEO of Altvest Capital, shared that the firm has already purchased one Bitcoin. The company is now seeking approval from regulators to raise around $10 million through the sale of shares. However, he noted that a final decision has not yet been made regarding this fundraising effort.
Altvest Capital was established by Wheatley in 2021. The company operates as an investment facilitator, managing fractional ownership of unlisted assets. Wheatley views Bitcoin as a strategic reserve asset that enhances the company’s treasury portfolio and provides a hedge against economic instability and currency depreciation.
South Africa’s Crypto Landscape
South Africa has been striving to establish itself as a hub for cryptocurrency companies. By April 2024, the Financial Sector Conduct Authority had approved more than 70 crypto asset service providers, including firms like Luno and VALR. However, the registry does not include major international crypto exchanges like Coinbase or Binance, raising questions about the region’s regulatory process.
The CEO of Altvest Capital also emphasized that the company’s board has already conducted a risk assessment. They believe that Bitcoin aligns well with their investment strategy.