South African investment company Altvest Capital Ltd. has revealed plans to raise $210 million to purchase Bitcoin, coinciding with a rebrand to Africa Bitcoin Corp.
This strategic pivot aims to make the company the first publicly listed African firm to hold Bitcoin as its primary treasury reserve asset.
The move draws inspiration from global players like MicroStrategy and Japan’s Metaplanet, which boosted their valuations through large-scale Bitcoin accumulation.
Under its new strategy, Altvest will hold Bitcoin directly on its balance sheet, treating the cryptocurrency as a long-term store of value similar to cash or gold.
CEO Warren Wheatley said the approach offers a regulated way for investors, including pension funds, retirement annuities, and unit trusts, to gain exposure to Bitcoin through equity markets.
“Pension funds, retirement annuities, unit trusts and others usually cannot directly buy Bitcoin. But by buying our shares they will now be able to get exposure in a regulated way through equity.”
Warren Wheatley is the founder and CEO of Altvest Capital, a South African financial services company that provides funding solutions to small and medium-sized enterprises.
The Johannesburg-based firm is seeking capital from both African and international investors.
Plans are underway to list on exchanges in Namibia, Botswana, and Kenya, with an international listing also under consideration.
The company’s Bitcoin operations will be managed through its unit Altvest Bitcoin Strategies Pty Ltd., operating under CAEP Asset Managers Pty Ltd. and regulated by South Africa’s Financial Sector Conduct Authority.
Bitcoin has gained 95% over the past year, trading at $110,942 as of Thursday morning, while Altvest shares have fallen 25% during the same period.
The company’s initial Bitcoin purchase in February 2025 amounted to just over 1 BTC at around R1.8 million, with plans to significantly expand holdings as part of its treasury strategy.
Source: bitcointreasuries.net
Globally, public companies now hold over 1 million BTC, with firms like Strategy leading with 636,505 BTC.
Other notable holders include MARA Holdings with 52,477 BTC, XXI with 43,514 BTC, and Bitcoin Standard Treasury Company with 30,021 BTC.
Analysts note that with only 5.2% of Bitcoin yet to be mined, ongoing corporate accumulation may intensify supply constraints and drive prices higher.
Altvest’s latest financial results show revenue of R7.6 million against operating expenses of R29.4 million, creating a net cash drain of R26.3 million.
Despite this, the company reported a net profit of R48 million for the 2025 financial year, driven largely by a R86.2 million fair value gain from its Altvest Credit Opportunity Fund (ACOF).
While the fund’s valuation nearly doubled to R222 million, it also reported a net loss before tax of R16.9 million due to increased expenses and impairments.
Warren Wheatley’s remuneration of R8 million in the 2025 financial year, including a R5.4 million base salary and R2.6 million bonus, exceeded Altvest’s total revenue of R7.6 million.
The board defended the pay, citing Wheatley’s role in growing the company’s net asset value from R8.5 million to R126 million over three years and his personal financial contributions exceeding R100 million.
The board noted that Wheatley’s four-year average salary of R2.5 million remains low compared with peers, and that performance-based pay tied to long-term growth benchmarks is the key metric for the company.
Altvest joins a growing list of smaller companies attempting to follow the path of MicroStrategy, Metaplanet, and other firms by raising funds to amass Bitcoin.
The strategy aims to attract long-term investors seeking regulated exposure to the cryptocurrency while leveraging the potential upside of digital assets.
Wheatley emphasised that the company’s existing operations, including asset management, lodging, and other services, will continue uninterrupted, ensuring shareholders benefit from both ongoing business activities and Bitcoin accumulation.
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