South Africa-based Altvest Capital aims to raise $210 million to purchase Bitcoin and establish a cryptocurrency reserve.
Company's Fundraising Plans
Altvest Capital is planning to raise $210 million for the acquisition of Bitcoin, aiming to create a cryptocurrency reserve. The company aims to attract funds from both local and international investors.
Rebranding to Africa Bitcoin Corp.
Founder and CEO Warren Wheatley announced the company's rebranding to Africa Bitcoin Corp. This will make Altvest the first publicly traded company in Africa to adopt Bitcoin as its primary treasury asset.
Strategy and Potential Investors
The company's strategy is similar to models that have proven successful for other firms. Wheatley noted that many institutions, such as pension funds, cannot acquire Bitcoin directly but can gain indirect exposure through Altvest shares.
Altvest Capital aims to form a significant Bitcoin reserve amid growing investor interest and seeks to broaden its audience by listing on various African exchanges.
