(Bloomberg) – Altvest Capital Ltd. said it will be the first listed company in Africa. token.
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Altvest has applied to the regulator for permission to raise approximately R200 million ($10 million) by purchasing one bitcoin and selling shares to increase Treasury stockpile, and Chief Executive Officer Warren Wheatley said in an interview. He added that no final decision has been made on fundraising. Bitcoin traded for around $97,000 on Thursday.
Raising funds to buy Bitcoin, a strategy pioneered by Saylor in 2020, has become increasingly popular as cryptocurrencies gain wider adoption. His previously successful bet on the original digital token has boosted the market value of the company, previously known as MicroStrategy Inc., to around $82 billion and $7 billion in his own fortune.
“We consider Bitcoin to be a strategic reserve asset that provides economic instability and currency depreciation, particularly depreciation of South African rands, whilst strengthening the Ministry of Finance’s portfolio.” Business.
The increasingly common way to use corporate cash or, in some cases, even borrowed money to buy Bitcoin, is that its inherent volatility erodes a company’s balance sheet. They have critics who claim that there is risk. Altvest said its board conducted a risk assessment and determined that Bitcoin is in good harmony with its alternative asset investment portfolio.
Altvest plans to acquire stakes in South Africa’s national rugby team The Springboks, The Reagion World Champions and Wheatley, and said customers can invest in the team through the platform.
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