Altvest Capital (ALV) became the first listed company in Africa to adopt Bitcoin (BTC) as a strategic treasury asset, the company said in a press release on Friday.
Altvest said it bought a bitcoin for its strategic treasury following a path set after strategy (MSTR) in the US and Metaplanet (3350) in Japan.
The Johannesburg-based company paid 1.8 million rand ($ 98,200) for just over 1 BTC and said it is not planning to buy alternative cryptocurrencies.
Altvest said it sees “Bitcoin as the only digital asset that meets its strict investment criteria for a long -term treasury allocation.”
Companies are increasingly adding Bitcoin as a strategic treasury’s asset. Michael Saylor’s strategy (formerly known as Microstratey) was pioneering A -Skridt, which started buying BTC in 2020. It now has 478,740 Bitcoin, worth more than $ 47 billion at current prices.
The South African investment firm said the initiative to acquire Bitcoin was “focused on maintaining shareholder value, mitigating foreign exchange course and getting exposure to a globally recognized value of value.”
Since Tokyo-Based Metaplanet began buying Bitcoin last April, it acquired 2,031 tokens worth nearly $ 200 million and its shares became the best priest Japanese equity over the past 12 months with a gain of 3,900% . Earlier this month, Investment Bank KBW started coverage of strategy with a better rating and a price target of $ 560. The shares are currently $ 323.92.
Altvest shares traded more than 9% lower at 590 rand at the time of announcement.
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