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

PANews September 8 news, according to Bloomberg, South African listed company Altvest Capital Ltd. plans to raise $210 million to buy Bitcoin and build crypto vault reserves, hoping to benefit from the nearly double growth in digital asset prices in the past year. The company will also be renamed "Africa Bitcoin Corp." and it is raising funds from overseas and local investors and will seek to go public internationally. The company's Altvest Bitcoin Strategies Pty Ltd. will provide encryption services on behalf of CAEP Asset Managers Pty Ltd., authorized by the Financial Sector Conduct Authority. With a market capitalization of R52.8 million ($3 million), Altvest will use cryptocurrency as its core reserve asset on its balance sheet, similar to how businesses traditionally hold cash or gold.