South Africa’s Altvest to Raise $210 Million to Buy Bitcoin

South Africa’s Altvest Capital Ltd. plans to raise $210 million to buy Bitcoin and build a crypto treasury reserve, seeking to benefit from a near doubling of the digital asset in the past year.

The company will also change its name to Africa Bitcoin Corp., its founder and Chief Executive Officer Warren Wheatley said in an interview. The financial services firm is the first listed company in Africa to adopt Bitcoin as its primary treasury reserve asset, mirroring a strategy that propelled the valuation of companies such as Michael Saylor’s Strategy.com and Japan’s Metaplanet Inc.

Altvest, which has ...