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

BlockBeats News, September 8, South African listed company Altvest Capital Ltd. plans to raise $210 million to buy Bitcoin and build a cryptocurrency reserve in order to benefit from it, according to Bloomberg. Warren Wheatley, founder and CEO of Altvest, said the company will also change its name to Africa Bitcoin Corp. The financial services company is the first publicly traded company in Africa to use Bitcoin as its main treasury reserve asset, and its strategy is similar to the model that drives the valuation of Michael Saylor's Strategy and Japan's Metaplanet Inc. Altvest, with a current market capitalization of R52.8 million (about $3 million), will include Bitcoin as a core reserve asset on the balance sheet, similar to how traditional companies hold cash or gold. Smaller companies are trying to follow Saylor (with a market capitalization of over $120 billion) to build up their own crypto assets reserves by raising funds and betting that the move will attract long-term investors.