On Wednesday, Altvest Capital, a South African investment company, rebranded its name to Africa Bitcoin Corporation (ABC) and announced plans to raise R3.68 billion ($210 million) to build a strategic Bitcoin reserve.
- On Wednesday, Altvest Capital, a South African investment company, rebranded its name to Africa Bitcoin Corporation (ABC) and announced plans...
- The company made the announcement through their X social handle: “Altvest Capital shareholders have voted.
- “That’s going to allow us to grow our core business, which is to create wealth for individuals,” Wheatley explained.
- “When people say, your groceries are not getting more expensive, your money is getting weaker, we fundamentally believe and understand...
Keep reading for the full breakdown on $210 million raise — everything you need to know is covered below.
The company made the announcement through their X social handle:
“Altvest Capital shareholders have voted. We are now Africa Bitcoin Corporation (ABC). Leadership driving the next chapter: Founder and CEO Wheatley Warren announces Stafford Masie as his Executive Director of Bitcoin Strategy and Norma Sephuma as Lead Independent Director of the Board. Africa’s Bitcoin revolution starts here.”
Africa Bitcoin Corp targets to raise R11 million
For ABC’s leadership, the strategy is about more than chasing returns. CEO Warren Wheatley, who became “orange-pilled” only in 2023, described Bitcoin as the backbone of the company’s new approach.
“That’s going to allow us to grow our core business, which is to create wealth for individuals,” Wheatley explained.
“In the same way a bank or an insurance company props up their balance sheet with government bonds and gold and oil reserves, we want to do the same thing – but with the hardest asset known to man and that will ever exist.”
The company’s first step is to raise R11 million by issuing one million shares at R11 each. This move is similar to Michael Saylor’s MicroStrategy, which has accumulated over 630,000 BTC.
Wheatley confirmed that ABC intends to use similar innovative debt instruments to scale its BTC holdings.
Stafford Masie, now the Executive Director of Bitcoin Strategy, is deeply personal about the project. He and Wheatley grew up in South African townships, witnessing the effects of the country’s weak currency.
“When people say, your groceries are not getting more expensive, your money is getting weaker, we fundamentally believe and understand that,” Masie said.
“The social qualms and challenges that he and I grew up in – me in Eldorado Park and Warren in another coloured township. We’ve seen what broken money does in society. This is our step forward to lean in, to keep Africa ahead, and to give us the opportunity to break the mould. And we fundamentally believe that bitcoin was made for us.”
Masie emphasised that ABC’s stock is not a replacement for Bitcoin ownership but an alternative path for investors.
“If you want to own bitcoin, go get bitcoin, take it off the exchange, hold it in cold storage. I’m a bitcoin maxi. But if you want to take a little bit of risk, go with us. What we’re going to try and do is work really hard as a business on creatively incrementing your BTC per share.”
By rebranding as Africa Bitcoin Corporation, Altvest is attempting to position itself as the MicroStrategy of Africa. With a mission to empower under-resourced communities, the company sees this as a financial strategy and a social mandate.
About Altvest Capital
Altvest Capital was a South African investment company created to provide everyday investors with access to private equity and alternative investments.
It focused on making wealth-building opportunities, often reserved for large institutions, more inclusive through digital platforms and innovative financial models.
Today, Altvest rebranded as Africa Bitcoin Corporation (ABC), shifting its vision toward building a Bitcoin reserve and positioning itself at the forefront of Africa’s digital asset transformation.