PiCK
"AltVest Capital Pursues Bitcoin as Reserve Asset, Plans to Raise $10M for Additional Purchases"
Minseung Kang
- AltVest Capital announced plans to raise $10 million for additional purchases to incorporate Bitcoin as its financial reserve asset.
- South Africa's AltVest Capital is set to become the first company in Africa to adopt Bitcoin as a financial reserve asset.
- AltVest stated that Bitcoin will be used as a strategic reserve asset to prepare for economic instability and currency devaluation, particularly to defend against the weakness of the Rand.
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AltVest Capital, a listed company in South Africa, announced plans to adopt Bitcoin (BTC) as its financial reserve asset and pursue additional purchases.
On the 21st, Bloomberg reported that "South Africa's AltVest Capital plans to become the first company in Africa to adopt Bitcoin as a financial reserve asset" and "the company plans to raise approximately $10 million to pursue additional Bitcoin purchases." AltVest currently holds 1 BTC.
Warren Wheatley, CEO of AltVest Capital, stated, "Bitcoin serves as a strategic reserve asset to diversify our financial portfolio and acts as a hedge against economic instability and currency devaluation," adding that "it particularly aims to defend against the weakness of the South African Rand (ZAR)."
He also added, "While the final decision (regarding Bitcoin purchases) has not been made yet, our view of Bitcoin as a strategic asset remains unchanged."
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.PiCK News
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