South African Listed Company Altvest Plans to Raise $210 Million to Purchase Bitcoin

According to Bloomberg, South African listed company Altvest Capital Ltd. plans to raise $210 million to purchase Bitcoin and establish a crypto treasury reserve, aiming to benefit from the nearly doubling of digital asset prices over the past year. The company's founder and CEO, Warren Wheatley, stated in an interview that the company will also rebrand as "Africa Bitcoin Corp." and is raising funds from both international and local investors while seeking an international listing. Altvest Bitcoin Strategies Pty Ltd., a subsidiary of the company, will provide crypto services on behalf of CAEP Asset Managers Pty Ltd., which is authorized by the Financial Sector Conduct Authority. Altvest has a market capitalization of 52.8 million rand ($3 million) and plans to position cryptocurrency as a core reserve asset on its balance sheet, similar to how companies traditionally hold cash or gold.