Altvest

Key Points:

• Altvest to rebrand as Africa Bitcoin Corp and raise $210M for BTC reserves.
• Corporate Bitcoin holdings surpass 1M BTC, led by MicroStrategy with 636,505 BTC.
• Glassnode data shows strong long-term holder conviction despite market volatility.

South Africa’s Altvest Capital announced plans to raise $210M for a Bitcoin treasury and rebrand as Africa Bitcoin Corp. The company aims to mirror global peers like MicroStrategy by holding Bitcoin as a long-term reserve asset.

The firm will hold BTC directly on its balance sheet, treating it as a hedge similar to cash or gold. CEO Warren Wheatley said the move provides regulated Bitcoin exposure through equity markets, targeting institutional investors restricted from direct purchases.

Altvest intends to list shares in Namibia, Botswana, and Kenya while also exploring an international listing to expand its reach.

Corporate Bitcoin adoption continues to accelerate worldwide

The announcement comes as corporate Bitcoin holdings surpass one million BTC across public companies. MicroStrategy remains the largest holder with 636,505 BTC, while MARA follows with 52,477 BTC.

New players are also emerging, with XXI holding 43,514 BTC and Bitcoin Standard Treasury owning 30,021 BTC. Other names include Bullish with 24,000 BTC, Metaplanet with 20,000 BTC, and several listed miners and exchanges.

With only 5.2% of Bitcoin’s capped 21 million supply left to mine, analysts warn that demand shocks may amplify price moves. Some firms, including Metaplanet and Semler Scientific, target BTC holdings in the hundreds of thousands by 2027.

Altvest’s financial results and shareholder impact raise questions

Despite its bold Bitcoin strategy, Altvest’s audited results revealed operating expenses of R29.4M against revenue of just R7.6M. Net cash outflows reached R26.3M, though the company reported a paper profit of R48M from fair value gains.

The Altvest Credit Opportunity Fund drove much of this increase, rising by R90.8M to reach R222M in valuation despite posting a net loss. The fund’s performance highlighted how valuation gains can mask underlying financial strain.

CEO Warren Wheatley received R8M in total pay in 2025, surpassing the company’s revenue of R7.6M. The board defended his compensation, citing NAV growth from R8.5M to R126M over three years and Wheatley’s personal financial guarantees.

Glassnode data signals strong long-term holder conviction

On-chain data shows Bitcoin’s 5–7 year holder cohort saw realized cap fall from $14.9B in 2024 to $8.5B in 2025. This $6.4B reduction mainly reflects coins aging into older supply categories rather than widespread selling.

BTC : Realized Cap by Age | Source : glassnodeMeanwhile, realized caps for 7–10 year and 10+ year cohorts expanded, showing persistent holder strength. Bitcoin traded between $50K and $140K during this period, consolidating near $110K–$115K today.

The data underscores strong investor conviction, suggesting corporate adoption like Altvest’s aligns with broader supply maturation. Long-term holders continue to dominate supply even as volatility persists.

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