Altvest Capital Purchased One Bitcoin and Seeks Regulatory Approval to Raise R200 Million Through Selling Shares

On Friday, the company publicly declared  that it is the first traded business in Africa to use BTC as a key treasury asset.

Altvest Capital, a company listed on the Johannesburg Stock Exchange (JSE), has acquired one Bitcoin (BTC) as part of its efforts to expand its footprint in the digital asset market.

The company announced the purchase on Friday, highlighting its status as the first listed entity in Africa to allocate BTC as a key treasury asset. This move mirrors a strategy employed by executives like Michael Saylor, whose company’s stock surged over 2,400% following the initiation of BTC purchases.

Altvest Capital's entry into the crypto market was marked by the acquisition of one BTC, valued at approximately 1.8 million South African rand (roughly $98,200 at the time of the announcement). This initial purchase showcases the company's commitment to embracing digital assets.

In 2020, Micheal Saylor's company adopted Bitcoin as its primary treasury reserve asset. Since then, MicroStrategy has significantly increased its holdings, owning approximately 478,740 bitcoins as of February 17, 2025, valued at around $45.1 billion.

This aggressive investment method has led to substantial stock price fluctuations; shares have surged over 400% since the start of 2024, correlating with BTC’s rise to record highs above $100,000.

Altvest is planning to raise up to 200 million South African rand ($10 million) by selling shares to expand its BTC holdings. The company views Bitcoin as more than a store of value, believing it can strengthen financial reserves against inflation and economic risks.

In addition to raising funds, Altvest has also applied to list Bitcoin-linked equity instruments on the JSE, allowing investors to gain exposure to BTC through traditional markets.

According to CEO Warren Wheatley, the company chose BTC over other cryptocurrencies due to its fully decentralized nature, which aligns with Altvest's goal of remaining independent from any specific blockchain or digital asset.

"We believe that BTC, being fully decentralized and not pegged to any specific blockchain or digital asset, aligns well with Altvest's strategy of remaining largely technology and blockchain agnostic," said Wheatley.

The CEO further highlighted the company's optimism regarding BTC's potential to bolster its treasury, particularly in light of the economic uncertainty and the weakening of the country’s local currency, the South African rand.

"We are excited about the possibilities that this move presents, especially within the context of the country's economic landscape and the weakening of the ZAR," added Wheatley.