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

BlockBeats News, September 8th, according to Bloomberg, South Africa’s listed company Altvest Capital Ltd. plans to raise $210 million to purchase Bitcoin and establish a cryptocurrency treasury reserve to benefit from it.

Altvest's founder and CEO Warren Wheatley stated that the company will also be rebranded as Africa Bitcoin Corp. This financial services company is the first in Africa to adopt Bitcoin as its primary treasury reserve asset, following a strategy similar to Michael Saylor's MicroStrategy and Japan's Metaplanet Inc., aiming for valuation appreciation.

Altvest's current market value is 528 million rand (about $30 million), and it will include Bitcoin as a core reserve asset on its balance sheet, similar to how traditional companies hold cash or gold. Smaller companies are attempting to emulate MicroStrategy (market value over $120 billion) by fundraising to build their own cryptocurrency reserves and betting that this move will attract long-term investors.