South African listed company Altvest plans to raise $210 million to purchase Bitcoin

On September 8, according to Bloomberg, South African listed company Altvest Capital Ltd. plans to raise $210 million to purchase bitcoin and establish a crypto vault reserve. The company's founder and CEO Warren Wheatley stated in an interview that the company will also be renamed "Africa Bitcoin Corp." and is raising funds from both overseas and local investors, while seeking an international listing. Altvest Bitcoin Strategies Pty Ltd., a subsidiary of the company, will provide crypto services on behalf of CAEP Asset Managers Pty Ltd., which is authorized by the Financial Sector Conduct Authority. Altvest has a market capitalization of 52.8 million rand ($3 million), and it will treat cryptocurrency as a core reserve asset on its balance sheet, similar to how companies traditionally hold cash or gold.