The Johannesburg-Center is demanding regulatory approval to raise $ 10 million Johannesburg-Capital to make bitcoin its primary reserve property.
Altvest Capital Bitcoin (BTC) is planning to become the first listed company in Africa adopting its primary treasury reserve asset.
In 21 February Interview Along with Bloomberg, Warren Wheatley, Chief Executive Officer of UltWest Capital, said that the company had already bought a bitcoin and is now asking regulators to sell shares and ask for approval to raise $ 10 million. Wheatley said that no final decision has been taken so far to raise funds.
Established in 2021 by wheatley, the company serves as an investment facility, capable of managing partial ownership of unrestaded assets. Wheatley says the company sees bitcoin as a “strategic reserve asset” that enhances its treasury portfolio by providing “hedge against economic instability and currency depreciation”.
Altvest Capital CEO also emphasized that the company’s board has already evaluated a risk and believes that Bitcoin fits well with its investment strategy.
South Africa is working to place itself as a hub for crypto companies. By April 2024, Financial Sector Conduct Authority Was approved More than 70 Crypto asset service providers, including firms such as Luno and VALR. However, the registry increases concerns about the regulatory process of the sector, which does not list major international crypto exchanges such as coinbase or benns.
