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

According to Billiard Network, Bloomberg News reported that South African listed company Altvest Capital Ltd. plans to raise $210 million to buy Bitcoin and establish cryptocurrency reserves, hoping to benefit from the nearly double growth in digital asset prices in the past year. Founder and CEO Warren Wheatley said in an interview that the company (also renamed “Africa Bitcoin Corp.”) is raising funds from overseas and local investors and will seek international listings. The company's subsidiary, Altvest Bitcoin Strategies Pty Ltd., will provide cryptocurrency services on behalf of CAEP Asset Managers Pty Ltd., which has been authorized by the Financial Sector Conduct Authority. With a market capitalization of R52.8 million ($3 million), Altvest will put cryptocurrency on its balance sheet as a core reserve asset, similar to how a company has traditionally held cash or gold.