Bitcoin and Dogecoin Prices Show Mixed Signals; Altvest Capital Eyes $210M BTC Treasury
Bitcoin traded slightly above $111,000 on Monday, remaining within its recent range as traders analyze macro signals. Meanwhile, Dogecoin (DOGE) outperformed major cryptocurrencies, while Altvest Capital announced plans to raise $210 million to purchase Bitcoin and rebrand as Africa Bitcoin Corp., marking the first listed African firm to incorporate BTC as a core treasury asset.
Market Overview: DOGE Gains and Macroeconomic Uncertainty
Ether (ETH) traded around $4,293, XRP increased by 2.5% to $2.90, and Solana’s SOL added 2.6% to $208. Dogecoin (DOGE) saw a significant 7% jump to $0.23. Market capitalization across major cryptocurrencies rose modestly, but trading volumes remained lower than their August peaks. Traders are closely monitoring U.S. economic data, particularly upcoming producer and consumer inflation reports, for potential market catalysts.
Jeff Mei, COO at BTSE, stated that "Cryptocurrencies have been trading at a subdued level as the Fed is conflicted over cutting rates in the midst of inflation." Higher-than-expected inflation data could negatively impact Bitcoin and Ethereum, while lower numbers could trigger a rally. The macro data's relevance has increased due to cooled flows in spot Bitcoin ETFs.
Altvest Capital's Bold Bitcoin Treasury Strategy
Altvest Capital, based in Johannesburg, announced its plan to raise $210 million to acquire Bitcoin, aiming to become Africa Bitcoin Corp. CEO Warren Wheatley explained that this strategy enables pension funds and unit trusts, which cannot directly hold Bitcoin, to gain regulated exposure through equity. This approach mirrors strategies employed by Metaplanet in Japan and MicroStrategy in the U.S.
Altvest’s existing income-generating operations and legacy investments would continue uninterrupted. The company's directors said that following its initial Bitcoin acquisition, it will now formally adopt a Bitcoin Treasury Strategy, in terms of which it will accumulate and hold Bitcoin to preserve value, hedge against inflation, and increase long-term shareholder exposure to BTC’s potential upside.
Japan's Macroeconomic Risks and Market Outlook
Uncertainty in Japanese government bonds emerged following Prime Minister Shigeru Ishiba’s resignation, leading to a selloff in long-dated paper. This shift may impact the yen, potentially influencing Bitcoin and crypto prices, as it's often considered a safe macro hedge. The company said the JSE did not, at this stage, have any regulatory framework in place to regulate issuers investing in crypto assets.
Traders are divided on whether $111,000 will hold as a floor into September, which is historically a weak month for the market. Bitcoin is supported by treasury adoption in Africa and steady ETF flows in the U.S., but faces macro headwinds from Japan and Washington. This week's U.S. inflation data is poised to determine the next market move.
Altvest to Rebrand as Africa Bitcoin Corporation
Altvest Capital plans to rebrand as Africa Bitcoin Corporation, becoming the continent's first dedicated Bitcoin Treasury company. They will issue 1 million shares at R11 per share to raise capital. Other global Bitcoin Treasury companies include MicroStrategy, Tesla, and Marathon Digital Holdings.
In February, Altvest announced it had acquired 1.00464 Bitcoin (BTC) as part of its long-term treasury strategy. This purchase aimed to provide shareholders long-term value anchored in a resilient and globally liquid asset.
