Case Study: A Corporate Strategy for Bitcoin Adoption in Africa

Bitcoin has become more than just a digital currency; it has transformed into a mainstream financial asset that corporations and even governments are incorporating into their financial strategies. The trend of companies holding Bitcoin as part of their treasury reserves has gained momentum due to its potential as a hedge against inflation, currency depreciation, and a store of value.

In February 2025, AltVest, a South African-listed investment holding company, made history by being the first public African company to add Bitcoin to its treasury reserves. Through its subsidiary AltVest Bitcoin Strategies, the company acquired over 1 BTC for millions of dollars as part of its long-term treasury management strategy. This move highlights the increasing institutional acceptance of Bitcoin as a legitimate asset class.

In contrast, in the United States, Bitcoin is being accumulated as part of a strategic national reserve. However, not all financial leaders agree on its role as a reserve asset. South Africa’s Central Bank Governor remains skeptical, stating that Bitcoin holds no more intrinsic value as a reserve asset than commodities like beef or apples. Despite differing opinions, the increasing number of companies integrating Bitcoin into their financial structures indicates a significant shift in corporate treasury management.

Strategy Inc., a business intelligence software and cloud services company, serves as a model for corporations seeking to integrate Bitcoin into their reserves. CEO Michael Saylor, who was initially skeptical about Bitcoin’s long-term viability, changed his stance in 2020 and began seeing Bitcoin as a superior store of value compared to traditional fiat currencies. He believed in Bitcoin’s long-term appreciation and low maintenance costs, initiating an aggressive accumulation strategy for the company.

Starting in August 2020, Strategy Inc. began purchasing Bitcoin using excess cash reserves, debt offerings, and convertible notes to finance its acquisitions. By essentially turning itself into a Bitcoin-holding entity, the company raised cash through equity offerings and debt instruments, then used that money to buy Bitcoin. The timeline of their Bitcoin purchases and funding sources is extensive, spanning from 2020 to 2025 and involving a variety of funding methods.

Strategy Inc.’s strategy of converting cash reserves into Bitcoin is based on the belief that Bitcoin, with its fixed supply of 21 million coins, serves as a better store of value than cash, which is continually printed by central banks. Their approach aims to counteract the loss of purchasing power caused by inflation. So far, their strategy has proven successful, showcasing the potential benefits of integrating Bitcoin into corporate treasury management.