The Johannesburg-headquartered Altvest Capital is seeking regulatory approval to raise $10 million, to make Bitcoin its primary reserve asset.

Altvest Capital is planning to become the first listed company in Africa to adopt Bitcoin (BTC) as its primary treasury reserve asset.

In a Feb. 21 interview with Bloomberg, Altvest Capital chief executive Warren Wheatley said the company has already bought one Bitcoin and is now asking regulators for approval to raise around $10 million by selling shares. Wheatley noted that no final decision has been made yet on whether to raise the funds.

Founded in 2021 by Wheatley, the company functions as an investment facilitator capable of managing fractional ownership of unlisted assets. Wheatley says the company sees Bitcoin as a “strategic reserve asset” that enhances its treasury portfolio while providing a “hedge against economic instability and currency depreciation.”

The Altvest Capital CEO also emphasized that the company’s board has already done a risk assessment and believes Bitcoin fits well with its investment strategy.

South Africa has been working to position itself as a hub for crypto companies. By April 2024, the Financial Sector Conduct Authority had approved more than 70 crypto asset service providers, including firms like Luno and VALR. However, the registry does not list key international crypto exchanges such as Coinbase or Binance, raising concerns about the region’s regulatory process.