Thomas Daniels
In an attempt to become the first publicly traded African company to do so, Johannesburg-based Altvest Capital is seeking regulatory approval to fund $10 million in order to make Bitcoin (BTC) its main treasury reserve asset.
Warren Wheatley, the CEO of Altvest Capital, stated in a Feb. 21 interview with Bloomberg that the company has already purchased one Bitcoin and is currently requesting permission to raise more money through a share sale. Wheatley emphasized Bitcoin’s status as a “strategic reserve asset,” pointing out its ability to protect against currency depreciation and economic instability, even if no final decision has been taken.
Altvest Capital was established in 2021 and focuses on fractional ownership of assets that aren’t listed. The board of the corporation has carried out a thorough risk analysis and concluded that Bitcoin is consistent with its overall investment strategy, according to Wheatley.
South Africa, meantime, is strengthening its standing as a market that welcomes cryptocurrencies. Local companies Luno and VALR were among the more than 70 crypto asset service providers licensed by the Financial Sector Conduct Authority (FSCA) by April 2024. However, the registry’s exclusion of significant international exchanges like Coinbase and Binance draws attention to persistent regulatory uncertainty.
