South African public firm Altvest Capital seeks $10m to adopt Bitcoin as treasury asset: report

The capital Altvest de Johannesburg, whose head office, requests regulatory approval to collect $ 10 million, to make Bitcoin its main reserve asset.

Altvest Capital plans to become the first company listed in Africa to adopt Bitcoin (BTC) like its main cash reserve asset.

In a February 21 interview With Bloomberg, the director general of Altvest Capital, Warren Wheatley, said that the company had already bought a bitcoin and now asked regulators to collect around $ 10 million by selling stocks. Wheatley noted that no final decision had yet been made on the advisability of increasing the funds.

Founded in 2021 by Wheatley, the company operates as an investment facilitator capable of managing the fractional property of non -listed assets. Wheatley says that the company considers Bitcoin as a “strategic reserve asset” which improves its cash portfolio while offering “coverage against economic instability and the depreciation of currency”.

The CEO of Altvest Capital also stressed that the company’s board of directors had already made a risk assessment and thinks that Bitcoin corresponds well to its investment strategy.

South Africa has worked to position itself as a center for cryptographic companies. By April 2024, the conduct of the financial sector had approved Over 70 cryptographic asset service providers, including companies like Luno and Valr. However, the register does not lists the exchanges of key international crypto such as Coinbase or Binance, which raises concerns concerning the regulation process of the region.