Bitcoin is ‘made for us’: Africa’s first treasury company eyes unique opportunity
Africa has its first Bitcoin treasury company, but its utility goes far deeper than publicly-listed stocks tied to BTC holdings on a balance sheet.
Bitcoin treasury companies are in vogue, and Africa has its first trading on the Johannesburg Stock Exchange. While the launch of Africa Bitcoin Corporation promises to attract billions of South African rand from capital markets, its founders believe Bitcoin’s impact on the continent remains in grassroots, retail adoption.
South Africa’s Altvest Capital grabbed headlines as it rebranded to Africa Bitcoin Corporation (ABC), the first publicly-listed company actively building a Bitcoin (BTC)-based treasury on the continent.
The company has a long-term goal to raise $210 million to buy Bitcoin using preferential share offerings and structured debt notes in the mould of the UK’s Smarter Web Company. Altvest announced its pivot into Bitcoin in February.