Johannesburg-listed investment holding company Altvest Capital is changing its name to The Africa Bitcoin Corporation as it doubles down on its strategy of building a bitcoin treasury, seeking to emulate the success of US-listed Strategy (previously MicroStrategy).
In a small first move, Altvest in February acquired 1.00464 bitcoin for R1.81-million as part of what it described as its “long-term treasury management strategy”.
“Building on its initial BTC (bitcoin) acquisition, the board of directors of Altvest is pleased to announce the formal adoption of its bitcoin treasury strategy, in terms of which the company will accumulate and hold BTC to preserve value, hedge against inflation and increase long-term shareholder exposure to BTC’s potential upside,” the company said in a statement to investors via the JSE on Monday.
“The board is of the view that this strategic shift, which will position Altvest as Africa’s first bitcoin treasury company, will offer its shareholders long-term value anchored in a resilient and globally liquid asset.”
It noted that the JSE doesn’t currently offer a regulatory framework to regulate listed companies investing in crypto assets. “Once such a regulatory framework has been put in place by the JSE, the company undertakes to adhere thereto.”
Altvest will now embark on “various capital-raising initiatives” to raise funds to acquire bitcoin for its treasury. It didn’t provide further details on this.
The change of the name to The Africa Bitcoin Corporation is subject to shareholder approval. A circular was issued to shareholders on Monday providing information about the name change and updated strategy. If all goes according to plan, the name will be changed on 12 November.
Bitcoin treasury
The move by Altvest to build a bitcoin treasury emulates the decision by Strategy CEO Michael Saylor a number of years ago to invest significant capital buying bitcoin for the company’s treasury. According to a recent regulatory filing, Strategy now holds 636 505 bitcoins in its treasury worth a staggering US$70.8-billion at the time of writing.
Altvest’s share price was trading 2.1% lower at 9.40am in Johannesburg on Monday, giving the company a market capitalisation of R52.8-million. The business is led by CEO Warren Wheatley and chairman Stafford Masie.
Read: Burning millions on the blockchain: how hackers used bitcoin to send a message
Masie, well known in South African tech circles, is a self-proclaimed “bitcoin maximalist” who has lobbied for South Africa to include bitcoin in its strategic reserve. – © 2025 NewsCentral Media
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