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

ChainCatcher news, according to Bloomberg, South African listed company Altvest Capital Ltd. plans to raise $210 million to purchase Bitcoin and establish a crypto treasury reserve, hoping to benefit from the nearly doubling of digital asset prices over the past year.

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, seeking to list internationally. Altvest's subsidiary, Altvest Bitcoin Strategies Pty Ltd., will represent CAEP Asset Managers Pty Ltd., which is authorized by the Financial Sector Conduct Authority, to provide crypto services.

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.