South African Firm AltVest Capital Adopts Bitcoin Reserve Strategy
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- South African AltVest Capital plans to add Bitcoin to its treasury reserve.
- AltVest Capital plans to raise $10 million to buy more Bitcoin.
Despite trading below its ATH and previous highs, Bitcoin’s reputation as a reserve asset didn’t go away. While multiple US states started exploring Bitcoin strategic reserves this month, it is now an African firm’s turn to adopt BTC. South Africa-based AltVest Capital is exploring the adoption of Bitcoin as a treasury reserve asset.
As per the recent report published by reputed news media Bloomberg, AltVest Capital is following the footsteps of Strategy. It plans to be the first company in Africa to add Bitcoin to its financial reserve. So far, the company purchased one Bitcoin and applied to regulators to get the permission to raise funds to buy more Bitcoin.
AltVest Capital Following Footsteps of Strategy, MARA, and Metaplanet
The report further says, AltVest Capital applied for permission to raise 200 million rand, approximately $10 million, to purchase Bitcoin. Following the likes of renowned global firms such as Strategy, MARA, and Metaplanet, AltVest Capital also plans to raise these funds to stack up BTC.
While Strategy and MARA raised funds by offering 0% convertible notes, AltVest plans to do so by selling its stocks. No matter the process of fundraising, the end goal is to acquire the original digital currency, Bitcoin. However, no further details regarding the fundraising activities were disclosed.
CEO of AltVest Capital Warren Wheatley stated,
“Bitcoin serves as a strategic reserve asset to diversify our financial portfolio and acts as a hedge against economic instability and currency devaluation. It particularly aims to defend against the weakness of the South African Rand (ZAR).”
As the fiat currency tumbles and fails to maintain global countries’ and firm’s economic health, Bitcoin will soon emerge to be a global reserve asset within no time.
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