South African Investment Company AltVest Capital Adopts Bitcoin as a Reserve Asset

South African investment company AltVest Capital is adopting Bitcoin as a reserve asset for the treasury, and it is setting the pace in Africa as the first company to do so.

AltVest Capital, a South African investment company, is making history by being the first company in Africa to adopt Bitcoin as a reserve asset for its treasury. The company currently owns one Bitcoin and is awaiting regulatory approval to raise an additional 200 million rand (about $10 million) to bolster its Bitcoin holdings.

This move is inspired by international companies like Strategy, MARA, and Metaplanet, which have also included Bitcoin in their strategic asset portfolios. While Strategy and MARA opted for 0% convertible notes to raise capital, AltVest Capital will be doing so by selling its shares. The company has not disclosed further details about its fundraising strategy but is set on expanding its Bitcoin position.

AltVest Capital Begins Holding Bitcoin in Treasury Reserves

Emphasizing Bitcoin's role as a hedge against economic volatility and the devaluation of the South African Rand, CEO Warren Wheatley highlighted the increasing adoption of Bitcoin as a store of value amid inflationary pressures and the devaluation of fiat currencies. AltVest sees this move as not only diversifying its financial assets but also protecting itself against any upcoming economic recession.

This news comes on the heels of growing global adoption, with several American states recently discussing the possibility of establishing Bitcoin reserves. This indicates a shift in perception towards digital assets. Despite trading below its all-time high, Bitcoin maintains its reputation as a strategic investment.

As AltVest Capital spearheads Bitcoin adoption in Africa, its actions may pave the way for other businesses on the continent to consider digital assets as part of their financial strategies. The increasing involvement of governments and businesses highlights Bitcoin's potential as a world reserve asset.

AltVest plans to continue building its Bitcoin reserves by reinvesting earnings and raising additional capital in the years to come. By keeping BTC in its reserves, the company aims to weather economic downturns and benefit from Bitcoin's long-term appreciation.