Altvest Capital Becomes First African Firm to Hold Bitcoin in Treasury

Altvest Capital (ALV) has made history as the first publicly listed company in Africa to adopt bitcoin (BTC) as a strategic treasury asset. The Johannesburg-based investment firm announced its purchase of just over 1 BTC for 1.8 million rand ($98,200), following the lead of MicroStrategy (MSTR) in the U.S. and Metaplanet (3350) in Japan.

Altvest emphasized that it does not intend to buy alternative cryptocurrencies, stating that bitcoin is the only digital asset that meets its stringent investment criteria for long-term treasury allocation. The company views BTC as a hedge against currency depreciation and a globally recognized store of value.

Corporations worldwide are increasingly turning to bitcoin as a treasury asset. MicroStrategy pioneered this approach in 2020 and now holds 478,740 BTC, worth over $47 billion. Meanwhile, Metaplanet has accumulated 2,031 BTC since April 2023, driving its stock price up 3,900% over the past year.

Altvest shares were down over 9%, trading at 590 rand at the time of publication.