In a noteworthy development, Altvest Capital (ALV) has stepped into uncharted territory, becoming the first publicly listed company in Africa to incorporate bitcoin (BTC) into its financial strategy as a key treasury asset. The company shared this news in a press release on Friday.

Altvest announced that it has purchased one bitcoin for its strategic reserves. This move mirrors the strategies of forward-thinking companies like Strategy (MSTR) in the U.S. and Metaplanet (3350) in Japan, both of whom have previously embraced bitcoin as part of their treasury.

The Johannesburg-based firm disclosed that it invested 1.8 million rand, equivalent to $98,200, to acquire just over 1 BTC. They also clarified that their focus remains exclusively on bitcoin, with no current plans to diversify into other cryptocurrencies.

In explaining their decision, Altvest stated they regard “bitcoin as the sole digital asset that satisfies their rigorous investment criteria for allocating funds to a long-term treasury.”

Across the corporate landscape, we’re seeing a rising trend of businesses adding bitcoin as a strategic component of their treasury holdings. Strategy, formerly known as MicroStrategy and led by Michael Saylor, was among the first to champion this approach, beginning its bitcoin acquisitions back in 2020. Today, their commitment is substantial, holding 478,740 bitcoin, an amount valued at over $47 billion at current market prices.

The South African investment company emphasized that their initiative to acquire bitcoin is “aimed at safeguarding shareholder value, reducing exposure to currency depreciation risks, and tapping into a globally recognized store of value.”

Looking at the performance of Metaplanet since it started accumulating bitcoin in April of last year, the Tokyo-based company has amassed 2,031 tokens, now worth close to $200 million. This strategic move has also propelled their shares to become the top performer in the Japanese equity market over the past year, boasting an impressive 3,900% gain. Adding to the positive sentiment, investment bank KBW recently initiated coverage of Strategy with an “outperform” rating and a price target of $560. Currently, Strategy shares are trading at $323.92.

Despite this announcement, Altvest shares experienced a downturn, trading more than 9% lower at 590 rand at the time of this report’s publication.