Altvest Capital Seeks Regulatory Approval to Hold Bitcoin as Primary Reserve Asset

The Johannesburg-headquartered investment facilitator, Altvest Capital, is seeking regulatory approval to raise $10 million to make Bitcoin its primary reserve asset. This move would make Altvest Capital the first listed company in Africa to adopt Bitcoin as its primary treasury reserve asset.

Regulatory Approval and Fundraising Plans

According to Altvest Capital’s chief executive, Warren Wheatley, the company has already purchased one Bitcoin and is now awaiting regulatory approval to raise around $10 million by selling shares. However, Wheatley noted that no final decision has been made yet on whether to raise the funds.

Investment Strategy and Risk Assessment

Altvest Capital views Bitcoin as a “strategic reserve asset” that enhances its treasury portfolio while providing a “hedge against economic instability and currency depreciation.” The company’s board has conducted a risk assessment and believes that Bitcoin aligns well with its investment strategy.

“We see Bitcoin as a strategic reserve asset that enhances our treasury portfolio while providing a hedge against economic instability and currency depreciation.”

Crypto Regulation in South Africa

South Africa has been working to establish itself as a hub for crypto companies. By April 2024, the Financial Sector Conduct Authority had approved over 70 crypto asset service providers, including firms like Luno and VALR. However, the registry does not include key international crypto exchanges such as Coinbase or Binance, raising concerns about the region’s regulatory process.

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