Altvest Capital (ALV) Became the First Listed Company in Africa to Adopt Bitcoin (BTC) as a Strategic Treasury Asset

Altvest said it bought one bitcoin for its strategic treasury, following a path set by Strategy (MSTR) in the U.S. and Metaplanet (3350) in Japan.

Johannesburg-based investment company Altvest Capital (ALV) has become the first listed company in Africa to adopt bitcoin (BTC) as a strategic treasury asset, the company announced in a press release on Friday.

Altvest stated that it has purchased one bitcoin for its strategic treasury, following a path paved by Strategy (MSTR) in the U.S. and Metaplanet (3350) in Japan.

The company paid 1.8 million rand ($98,200) for just over 1 BTC, and it has no plans to purchase other cryptocurrencies, the announcement noted.

“After an extensive review of the cryptocurrency market, Altvest has concluded that bitcoin is the only digital asset that meets its stringent investment criteria for a long-term treasury allocation,” the company said.

Corporates are increasingly adding bitcoin as a strategic treasury asset. Michael Saylor’s Strategy (formerly known as MicroStrategy) was the first company to make the move, starting to buy BTC in 2020. It now holds 478,740 bitcoin, valued at over $47 billion at current prices.

The South African investment firm stated that the decision to acquire bitcoin was “primarily driven by the objective to preserve shareholder value, mitigating currency depreciation risks, and gaining exposure to a globally recognized store of value.”

Since Tokyo-based Metaplanet began buying bitcoin in April last year, it has acquired 2,031 tokens valued at nearly $200 million, and its shares became the best-performing Japanese equity over the past 12 months, rising 3,900%. Earlier this month, investment bank KBW initiated coverage of Strategy with an outperform rating and a price target of $560. The shares are currently trading at $323.92.

Altvest shares were trading down more than 9% at 590 rand at the time of publication.