A South African financial services company, Altvest Capital, has announced plans to raise millions of dollars to purchase bitcoin and establish a crypto treasury reserve. While several reports indicate the company is seeking to raise $210 million, one local media outlet puts the figure at 210 million rand, which translates to approximately $12 million.

The initiative is seen as positioning the Johannesburg-based firm as the first publicly listed company on the continent to adopt bitcoin as its primary reserve asset. Founder and CEO Warren Wheatley revealed that Altvest will rebrand as Africa Bitcoin Corp, signaling its commitment to the digital asset.

According to one report, Altvest, currently valued at approximately $3 million, aims to hold bitcoin on its balance sheet in the same way traditional companies hold cash or gold. Wheatley emphasized this move could unlock regulated bitcoin exposure for institutional investors such as pension funds and unit trusts—entities typically restricted from direct crypto investments.

“Pension funds, retirement annuities, unit trusts and others usually cannot directly buy bitcoin,” Wheatley said. “But by buying our shares, they will now be able to get exposure in a regulated way through equity.”

In contrast to bitcoin, which is up 95% over the past 12 months, Altvest’s own shares have dipped 25% during the same period. The company, which reportedly gave its CEO a remuneration package exceeding $450,000, remains undeterred and is actively courting both local and international investors to fund its bitcoin acquisition. Plans are also underway to list on exchanges across Africa, including Namibia, Botswana and Kenya, to broaden access to its crypto-backed equity.

To support its new direction, Altvest has launched a dedicated unit, Altvest Bitcoin Strategies, which will represent CAEP Asset Managers. CAEP is authorized by South Africa’s Financial Sector Conduct Authority to provide crypto services, adding a layer of regulatory credibility to the venture.

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