South Africa’s Altvest Is Going All-In on Bitcoin With $210M Treasury Move

TLDR:

• Altvest will raise $210M to create Africa’s first listed bitcoin treasury, rebranding as Africa Bitcoin Corp.
• The company aims to list in London, the U.S., and across African markets to widen bitcoin equity access.
• Bitcoin has gained 95% in a year while Altvest shares lost 25%, pushing the firm toward a reserve shift.
• CEO Warren Wheatley says bitcoin reserves will replace bonds and gold as the firm’s balance sheet backbone

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South Africa is about to witness a first in listed markets. Altvest Capital, a Johannesburg-based investment firm, is preparing to transform its balance sheet by turning to bitcoin. 

The company has confirmed plans to raise $210 million for a treasury reserve built entirely on cryptocurrency. This strategy mirrors the high-profile approach of Michael Saylor’s U.S. firm, which has become known for aggressive Bitcoin accumulation. 

Altvest now aims to replicate that model across Africa, rebranding itself as Africa Bitcoin Corp.

Altvest to Raise $210M for Bitcoin Reserve

Altvest revealed that it will raise R3.68 billion, or about $210 million, to acquire Bitcoin directly. According to reports, the company will also change its name to Africa Bitcoin Corp as part of the shift.

Altvest already holds the distinction of being the first JSE-listed company to add BTC to its balance sheet. CEO Warren Wheatley said the new plan positions the firm to build long-term reserves around “the hardest asset known.”

The company’s leaders compared the move to traditional financial strategies where banks and insurers secure their balance sheets with bonds or commodities. They explained that Bitcoin would serve that purpose for them, replacing fiat-based reserves.

Altvest’s plan includes fundraising locally and internationally, with listings eyed in markets such as London, the U.S., and across African exchanges including Kenya, Namibia, and Botswana.

Bitcoin Strategy and Market Position

The Bitcoin strategy is being driven by Wheatley alongside tech entrepreneur Stafford Masie. Both executives emphasized their personal conviction in the asset, saying their goal is to steadily build shareholder value through BTC reserves.

Masie stated that the model is not intended to replace direct ownership of Bitcoin but to provide exposure through equity. He described it as a higher-risk option where investors depend on management to expand Bitcoin per share over time.

Wheatley explained that the treasury approach would help the company expand access to capital. That funding will support its core business of creating alternative wealth opportunities for South Africans and other investors.

Despite Bitcoin’s surge in value over the last year, Altvest’s shares have fallen 25% over the same period. The firm now hopes its new strategy will attract long-term institutional investors unable to buy crypto directly.

The approach closely follows the path of Michael Saylor’s firm, which began accumulating Bitcoin in 2020. Its stock has since surged, with holdings worth about $70 billion. Altvest is attempting to adapt that model to Africa’s capital markets.

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