Altvest Capital Limited, a South African investment firm listed on the Johannesburg Stock Exchange (JSE), is embarking on a bold transformation to become Africa’s first publicly traded Bitcoin treasury company. The firm announced plans in September to raise $210 million to establish a Bitcoin-based treasury fund an unprecedented move aimed at providing institutional investors, including pension funds and private equity firms, with regulated exposure to Bitcoin without the operational complexities of direct management.

The company’s rebranding to Africa Bitcoin Corporation (ABC) is set to be finalized by November 17, following board approval. This strategic pivot signifies a departure from Altvest’s initial mission of enabling small and medium-sized enterprises to raise capital. Instead, under the leadership of CEO Warren Wheatley and Executive Chairman Stafford Masie, ABC seeks to leverage Bitcoin as a pan-African financial foundation a decentralized, borderless asset that could unify the continent’s fragmented capital markets.

According to Masie, Africa’s financial infrastructure remains deeply constrained by weak currencies, high inflation, and regulatory barriers that restrict cross-border money movement. By contrast, Bitcoin offers a “neutral, incorruptible monetary base” that can serve as a trusted balance sheet asset across nations. Wheatley adds that Bitcoin represents “the hardest and most pristine form of money ever created,” making it a natural fit for building what he describes as “a strong African balance sheet.”

ABC’s expansion blueprint includes multiple public listings across Africa. Beyond its existing presence on JSE and A2X Markets, the firm recently secured a listing on the Namibian Stock Exchange (NSX). Future listings are planned in Botswana and Kenya, with a longer-term vision to debut on London, Frankfurt, and U.S. stock exchanges creating a near 24-hour trading ecosystem for Bitcoin-backed equity.

The company’s financial model mirrors global Bitcoin treasuries like MicroStrategy (U.S.), Metaplanet (Japan), and Smarter Web Company (UK). Each rand raised through equity issuance will be immediately converted into Bitcoin, meaning investors effectively hold shares backed by the cryptocurrency. The firm will measure its value through a unique metric, “Bitcoin per Share” (BPS), reflecting how much Bitcoin each share represents. Over time, as ABC raises capital and accumulates more Bitcoin, the BPS is expected to increase a process executives refer to as “accretive dilution.”

This structure offers investors regulated exposure to Bitcoin through traditional markets, eliminating the need to manage wallets, private keys, or cold storage major barriers for institutional adoption. As such, the company hopes to attract a broad base of investors seeking inflation-resistant assets that bypass Africa’s currency risks.

Critics, however, have raised concerns about Bitcoin’s volatility. Addressing these, Masie notes that volatility is “part of Bitcoin’s nature, but it’s not risk,” distinguishing it from speculative or centralized crypto tokens. He argues that for a small-cap listed company, volatility can be a driver of liquidity and market activity, drawing analyst attention and improving price discovery.

By positioning Bitcoin at the heart of its balance sheet, Africa Bitcoin Corporation is signaling a powerful shift in how African capital markets engage with digital assets. Should ABC succeed, it could pave the way for similar treasury models across the continent transforming Bitcoin from a fringe store of value into a core institutional asset in Africa’s financial future.