South African investment firm Altvest Capital has made history as the first publicly listed company in Africa to purchase Bitcoin as a strategic treasury asset.
The Johannesburg-based company bought 1 Bitcoin for 1.8 million rand ($98,200), following the path of MicroStrategy (U.S.) and Metaplanet (Japan), both of which have significantly increased their Bitcoin holdings.
Why Bitcoin?
Altvest says it chose Bitcoin because it sees it as the only digital asset that meets its long-term investment criteria. The company believes Bitcoin will help:
Protect shareholder value
Hedge against currency depreciation
Gain exposure to a globally recognized store of value
No Interest in Altcoins
Unlike some other firms, Altvest will not invest in alternative cryptocurrencies (altcoins), stating that they do not meet its treasury investment standards.
Growing Trend of Bitcoin in Corporate Treasuries
More corporations worldwide are adding Bitcoin to their balance sheets. MicroStrategy started this trend in 2020 and now holds 478,740 BTC ($47 billion).
In Japan, Metaplanet has accumulated 2,031 BTC ($200 million) since April 2024, making its stock the best-performing Japanese equity in the last year.
Despite its Bitcoin investment, Altvest’s stock fell over 9% after the announcement, trading at 590 rand at the time of publication.
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