Johannesburg-based financial services firm Altvest Capital Ltd. is making a bold pivot into cryptocurrency, announcing plans to raise $210 million to purchase Bitcoin and establish a dedicated treasury reserve. Alongside the move, the company will rebrand as Africa Bitcoin Corp, positioning itself as the first publicly listed African firm to adopt Bitcoin as its primary reserve asset.
The strategy mirrors high-profile moves by global players such as MicroStrategy in the U.S. and Metaplanet in Japan, both of which integrated Bitcoin into their balance sheets as long-term holdings. Altvest’s founder and CEO, Warren Wheatley, said the transition reflects growing institutional interest in digital assets, particularly as Bitcoin’s value has surged nearly 95% in the past 12 months.
With a current market capitalization of about 52.8 million rand (roughly $3 million), the company aims to provide investors with regulated exposure to Bitcoin—an option often restricted for traditional vehicles like pension funds, retirement annuities, and unit trusts. By buying shares in Africa Bitcoin Corp, investors will effectively gain indirect access to Bitcoin through a regulated equity structure, similar to holding cash or gold reserves.
Despite Bitcoin’s sharp rise, Altvest’s shares have slipped 25% over the past year. The upcoming capital raise will target both local and international investors, while the company also pursues listings on exchanges in Namibia, Botswana, and Kenya to expand investor access across the continent.
To deliver its Bitcoin-focused strategy, Africa Bitcoin Corp will leverage its subsidiary, Altvest Bitcoin Strategies Pty Ltd., in partnership with CAEP Asset Managers Pty Ltd., which is authorized by South Africa’s Financial Sector Conduct Authority.
