South African investment firm Altvest Capital Ltd. has announced plans to raise $210 million to acquire Bitcoin for its corporate treasury.
As part of the strategy, the company will rebrand as Africa Bitcoin Corp, making it one of the first publicly listed firms on the continent to adopt Bitcoin as a primary reserve asset.
Altvest, founded with a focus on alternative investments, has previously raised and deployed more than $28 million since 2022 in small and medium-sized enterprises. The new move represents a shift in its business model toward digital assets.
According to the company, the funds raised will be used exclusively to purchase Bitcoin, restructuring its balance sheet around the cryptocurrency.
Altvest stated that the transition to Africa Bitcoin Corp underscores its commitment to a Bitcoin-centric approach and aligns with global trends where corporations are increasingly adding digital assets to their treasuries.