JSE-listed Altvest to set up bitcoin treasury

Altvest chairman Stafford Masie, left, with CEO Warren Wheatley

Emulating US technology company MicroStrategy, South African-listed investment holding company Altvest Capital has announced plans to add bitcoin to its treasury.

In a small first move, Altvest – through its wholly owned subsidiary, Altvest Bitcoin Strategies – has acquired 1.00464 bitcoin for R1.81-million as part of what it described as its “long-term treasury management strategy”.

“This initiative is focused on preserving shareholder value, mitigating currency depreciation risks and gaining exposure to a globally recognised store of value,” Altvest said in a statement to investors on Friday.

Bitcoin offers long-term growth potential while serving as a hedge against macroeconomic risks

The move emulates a decision by MicroStrategy (now Strategy) CEO Michael Saylor a number of years ago to invest significant money buying bitcoin for the company’s treasury. As of 10 February 2025, Strategy held 478 740 bitcoins in its treasury worth a staggering US$47-billion at the time of writing.

Altvest said its decision to allocate capital to bitcoin is based on the “unique and proven” attributes of the cryptocurrency. It said these are its fixed supply (only 21 million will ever be “minted”), its decentralised nature, increasing institutional adoption, its liquidity and security, and its growing regulatory recognition in South Africa and globally. Altvest’s share price was unchanged at R6.50 shortly after markets opened in Johannesburg on Friday.

“The board of Altvest has conducted a comprehensive risk assessment and determined that bitcoin aligns with Altvest’s alternative asset investment philosophy. It offers long-term growth potential while serving as a hedge against macroeconomic risks, particularly the depreciation of the rand. Additionally, Altvest has implemented a structured risk management framework to monitor and optimise bitcoin exposure in line with treasury objectives,” the company said.

‘Fundamentally different’

It said it has no plans “at this stage” to invest in cryptocurrencies other than bitcoin. “Altvest will continue to assess market conditions and technological advancements but currently sees bitcoin as the only digital asset that meets its stringent investment criteria for a long-term treasury allocation.”

Altvest CEO Warren Wheatley said in a statement that bitcoin is “fundamentally different” from other digital assets.

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“It is the only truly decentralised, scarce and globally recognised digital asset that aligns with Altvest’s investment philosophy. We see bitcoin as a strategic reserve asset that enhances our treasury portfolio while providing a hedge against economic instability and currency depreciation.”

Altvest’s board is chaired by well-known South African technology entrepreneur and self-described “bitcoin maximalist” Stafford Masie, who has also been lobbying for the country to include bitcoin in its strategic reserve.

MicroStrategy CEO Michael Saylor

Altvest said all its bitcoin-related treasury activities will “fully comply with relevant financial regulations and reporting requirements”.

“Altvest Capital will continue to monitor its bitcoin holdings in response to market conditions, regulatory developments and its overarching investment strategy. The company remains committed to responsible and transparent capital allocation, ensuring all investments align with its mission of alternative asset exposure for long-term value creation.”

Meanwhile, Bloomberg News, citing Wheatley, said on Friday that Altvest has applied to regulators for permission to raise about R200-million by selling shares to increase its treasury stockpile, but added that no final decision has been taken in this regard. — © 2025 NewsCentral Media

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