South Africa is witnessing a growing wave of interest in Bitcoin.
Altvest Capital, a South African investment firm, is leading the way with plans to expand its involvement in the cryptocurrency market.
According to a report from Bloomberg, Altvest Capital is planning to raise $210 million to expand its Bitcoin holdings.
Earlier in February, Altvest purchased just over 1 Bitcoin as part of its long-term treasury strategy. The company had said that it would continue to monitor its Bitcoin holdings based on market conditions and regulations.
Altvest has announced aformal adoption of its Bitcoin Treasury Strategy and plans to accumulate and hold BTC to protect value, hedge against inflation, and give shareholders long-term exposure to Bitcoin’s growth potential.
“This strategic shift, which will position Altvest as Africa’s first Bitcoin Treasury company, will offer its Shareholders long-term value anchored in a resilient and globally liquid asset,” it said.
Altvest sees the treasury strategy as a way to give more people access to alternative investments while keeping its existing businesses running smoothly. Shareholders can benefit from the potential upside of Bitcoin along with steady returns from current operations.
The Johannesburg Stock Exchange currently has no regulatory framework for issuers investing in crypto. Altvest has committed to full compliance once rules are introduced.
The company plans to launch several fundraising initiatives in the coming months to acquire more Bitcoin.
Meanwhile, the Board has also proposed to change the company’s name from Altvest Capital Limited to The Africa Bitcoin Corporation Limited, subject to shareholder approval.
The new name is expected to take effect on 12 November if approved.
Altvest’s move follows a global trend in corporate Bitcoin adoption. Public companies now hold over 1 million Bitcoin collectively, with Strategy leading the way with 638,460 BTC.
Experts predict that as more companies adopt Bitcoin treasury strategies, corporate adoption will continue to grow, eventually making digital asset strategies a common practice.
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