South Africa's Altvest Capital has become the first publicly traded firm on the continent to use Bitcoin as a strategic treasury asset.
So far, the company has purchased just one BTC worth R1,8 million (about $98,200).
Altvest Capital Makes History With Bitcoin. We Become the First Public Company in Africa to Use Bitcoin as a strategic treasury asset, reaffirming our commitment to innovation, sustainability and alternative investments,” the company said in a statement.
Altvest Capital plans to raise up to 200 million rand (about $10 million) by selling some of its shares to buy bitcoins.
As CEO Warren Wheatley told Bloomberg in an interview, the company views its flagship cryptocurrency not only as a store of value, but also as a store of value that can protect against inflation and other economic problems. In addition, the company has chosen Bitcoin due to its truly decentralized nature.
It is the only truly decentralized, scarce and globally recognized digital asset that aligns with Altvest's investment philosophy," Whitley said.
In 2024, several large companies at once - Metaplanet, Genius Group, Hut 8 Mining Corp, Rumble and the Indian Jetking Infotrain Limited, added Bitcoin into their corporate reserves.
