Altvest Capital Sets a Precedent as Africa’s First Company to Adopt Bitcoin as a Treasury Asset
In a groundbreaking move for the African market, Altvest Capital (ALV) has officially become the first publicly listed company on the continent to incorporate bitcoin (BTC) into its strategic treasury assets. This significant decision was announced in a press release on Friday, marking a pivotal moment in the integration of cryptocurrency within corporate finance in Africa.
Altvest disclosed that it has purchased one bitcoin for its treasury, following in the footsteps of notable companies like Strategy (MSTR) in the United States and Metaplanet (3350) in Japan. The Johannesburg-based firm acquired just over 1 BTC at a cost of 1.8 million rand, equivalent to approximately $98,200. Importantly, Altvest has stated that it does not intend to invest in any alternative cryptocurrencies, reinforcing its focus on bitcoin.
The company expressed its belief that “bitcoin represents the sole digital asset that fulfills its rigorous investment criteria for a long-term treasury allocation.” This strategic decision aligns with a growing trend among corporations that are increasingly recognizing the value of bitcoin as a treasury asset. Michael Saylor’s Strategy, formerly known as MicroStrategy, was among the pioneers of this movement, initiating its BTC purchases in 2020. Currently, it holds an astounding 478,740 bitcoins, valued at over $47 billion based on current market prices.
Altvest emphasized that its decision to acquire bitcoin is aimed at “preserving shareholder value, mitigating risks associated with currency depreciation, and securing exposure to a globally acknowledged store of value.” This strategic outlook highlights the company’s commitment to safeguarding its financial future in an increasingly volatile economic environment.
Since Tokyo-based Metaplanet commenced its bitcoin acquisition strategy in April of the previous year, it has amassed a total of 2,031 bitcoins, translating to nearly $200 million in value. Remarkably, its shares have emerged as the top-performing Japanese equity over the past year, boasting an impressive gain of 3,900%. In a recent development, the investment bank KBW began coverage of Strategy, assigning it an outperform rating along with a price target of $560, whereas the shares are currently trading at $323.92.
At the time of publication, Altvest’s shares were observed to be trading more than 9% lower at 590 rand, indicating the market’s fluctuating response to this significant announcement.
Communications: Eric Semler Advocates for Embracing Bitcoin as a Treasury Asset
