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Acquisition of Bitcoin
AFRICA BITCOIN CORPORATION LIMITED
(formerly Altvest Capital Limited)
Incorporated in the Republic of South Africa
(Registration Number: 2021/540736/06)
LEI Number: 37898OOE85B7YW5EEW57
JSE Main Board – General Segment
("Africa Bitcoin Corporation" or the "Company" or the "Group")
Share Class JSE and A2X NSX Code OTCQB Deutsche ISIN
Codes Code Börse Code
Ordinary Shares BAC BAN AFBCF 4BC ZAE000358925
Preferred A Ordinary Shares BACA - - - ZAE000338422
Preferred B Ordinary Shares BACB - - - ZAE000338430
Preferred C Ordinary Shares BACC BANC - - ZAE000338448
ACQUISITION OF BITCOIN
Shareholders are referred to the previous announcements released by the Company, the last of which was published
on 27 February 2026, regarding the Group's acquisitions of Bitcoin (or BTC) in terms of the Group's Bitcoin Treasury
Strategy.
Further to the announcements, shareholders are advised that on 27 May 2026, the Group, through its wholly-owned
subsidiary Africa Bitcoin Strategies Proprietary Limited, acquired a further 0.5085 BTC for an aggregate cash
consideration of R627,573, at an average price of R1,234,165 per BTC (inclusive of fees and expenses). The BTC was
acquired in the open market.
The acquisition was funded via an increase of the Group's existing secured digital asset lending facility, which is
collateralised by a portion of the Group's Bitcoin holdings, at a variable interest rate linked to prevailing digital asset
lending market conditions (currently below 5% per annum). The Group retains beneficial ownership of the Bitcoin
pledged as collateral, which continues to be recognised as an asset on the Group's statement of financial position,
subject to the associated security arrangement and applicable collateral management requirements. The digital asset
lending facility, amounting to, in aggregate, R2,823,505 as at the date of this announcement, may be reduced or repaid
at the Group's discretion, subject to applicable collateral requirements.
Following this acquisition, the Group now holds 5.5331 BTC in aggregate, with an aggregate acquisition value of
approximately R8,455,039, reflecting an average acquisition price of approximately R1,528,081 per BTC (inclusive of
fees and expenses).
This BTC acquisition falls below the threshold for categorisation in terms of the JSE Listings Requirements.
BTC YIELD
The Company monitors "BTC Yield", a non-IFRS performance metric that measures the percentage change in Sats-
Per-Share ("SPS") over a given reporting period. SPS reflects the number of satoshis of Bitcoin economically attributable
to each ordinary share in issue. This metric is provided for contextual and comparative purposes only and does not
constitute a forecast, target, or guarantee of future performance.
Financial Period Opening BTC Closing BTC ABC ordinary Opening Sats Closing BTC Yield
Holdings Holdings shares in per ABC Sats per ABC (restated) ¹
issue ordinary share ordinary share
(restated) ¹ (restated) ¹ (restated) ¹
20 December 2024 to 0.000 1.0116 33,000,000 0.00 3.1 100.0%
28 February 2025
1 March 2025 to 1.0116 5.0246 34,105,794 3.1 14.7 380.6%
28 February 2026
1 March 2026 to 5.0246 5.5331 34,105,794 14.7 16.2 10.1%
27 May 2026
Cumulative since inception 0.000 5.5331 0.00 16.2 429.2%
(20 December 2024 to
27 May 2026)
Note:
1. The ordinary share metrics presented have been restated retrospectively to reflect the 3-for-1 ordinary share sub-
division effected on 28 April 2026, as if the sub-division had occurred at the beginning of the earliest period presented.
Accordingly, the number of ordinary shares in issue used in the SPS calculation has been adjusted accordingly. In the
circumstances, the opening and closing SPS figures and the BTC Yield percentages have been restated on this same
basis.
BITCOIN AND BITCOIN HOLDINGS
Bitcoin has the following unique and proven attributes:
• Fixed Supply: Bitcoin has a hard-capped supply of 21 million coins, ensuring scarcity and protecting against
inflationary dilution.
• Decentralisation: Unlike other digital assets, Bitcoin operates on a fully decentralised and censorship-resistant
network, independent of any central issuer.
• Institutional adoption: Leading global corporations, institutional investors, and publicly traded companies have
increasingly embraced Bitcoin as a treasury reserve asset.
• Liquidity and security: Bitcoin is the most liquid and secure digital asset, with daily trading volumes exceeding $20
billion and the strongest network security of any blockchain.
• Regulatory recognition: Bitcoin has received increasing regulatory clarity in South Africa and globally, further
solidifying its legitimacy as an investable asset.
The Bitcoin held by the Group is designated as a long-term reserve asset, reflecting its nature as a scarce, global, and
inflation resistant store of value. The Group has adopted a "HODL" strategy, with no current intention to dispose of its
Bitcoin holdings.
The value of BTC is based on the market price per BTC at a particular point in time. The market price per BTC as at
27 May 2026, was R1,237,657 (based on the prevailing trading price per BTC of US$75,513 and a US$/ZAR exchange
rate of R16.39, on 27 May 2026). Accordingly, the carrying value of the Group's 5.5331 BTC, as at the date of this
announcement (using the abovementioned market value), is R6,848,094 (the carrying value of the 5.0245 BTC held as at
28 February 2026 was R5,410,178 (or US$330,090), as extracted from the audited financial results of the Group for the
year ended 28 February 2026, which were prepared in accordance with IFRS).
The Bitcoin held by ABS are accounted for by the Group as intangible assets, in accordance with IAS 38 – Intangible
Assets. These assets are classified as indefinite life intangible assets, as they are not amortised but are tested annually
for impairment, or more frequently if indicators of impairment exist. The Group applies the revaluation model, whereby the
assets are initially recognised at cost and subsequently measured at fair value at the revaluation date, less any subsequent
accumulated impairment losses.
STRATEGIC POSITION
In line with the Group's Bitcoin Treasury Strategy, the Company intends to continue accumulating and holding BTC as
a long-term store of value and to expand shareholders' economic exposure to the upside potential of Bitcoin over time.
The information contained in this announcement is the responsibility of the directors of ABC and has not been reviewed
or reported on by an external auditor.
Johannesburg
28 May 2026
JSE Sponsor NSX Sponsor
Questco Corporate Advisory Cirrus Securities (Pty) Ltd
Member of the Namibian Stock Exchange
Date: 28-05-2026 12:30:00
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