A South African alternative investment firm, Altvest Capital Ltd., announced its first investment in bitcoin (BTC) as part of a strategic treasury management initiative. The Johannesburg Stock Exchange-listed firm said the goal of this initiative is to strengthen financial resilience, preserve shareholder value and gain exposure to the top cryptocurrency.
According to a Bloomberg report, Altvest Capital has applied for approval to raise about $10 million (200 million rand) by selling shares to increase its treasury stockpile. While acknowledging the existence of other digital assets, Altvest Capital said many exhibit characteristics that “do not align with its investment philosophy.” Consequently, the alternative investment firm said it will avoid other cryptocurrencies.
The South African firm joins a growing list of companies, including Michael Saylor’s Strategy (Microstrategy) and Japanese investment firm Metaplanet, that have added BTC to their respective treasury stockpiles. As of Feb. 23, Strategy and Metaplanet owned 478,740 BTC and 2,100 BTC, respectively.
Remarking on his company’s decision to follow in the footsteps of Strategy and Metaplanet, which have solely focused on bitcoin, Warren Wheatley, CEO of Altvest Capital, said:
Bitcoin is fundamentally different from other digital assets. It is the only truly decentralized, scarce and globally recognized digital asset that aligns with Altvest’s investment philosophy. We see bitcoin as a strategic reserve asset that enhances our treasury portfolio while providing a hedge against economic instability and currency depreciation.
However, in a statement released Feb. 21, the South African firm said it will continue to assess market conditions and technological advancements.
Meanwhile, the statement said Altvest Capital remains committed to ensuring that all bitcoin-related treasury activities fully comply with local financial regulations and reporting requirements.
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