(Bloomberg) -- Altvest Capital Ltd. said it will become the first listed company in Africa to adopt Bitcoin as its primary treasury reserve asset, emulating a strategy that propelled a more than 2,400% surge in Michael Saylor’s Strategy.com since it started buying the token.

Altvest bought one Bitcoin and has applied to regulators for permission to raise about 200 million rand ($10 million) by selling shares to increase its treasury stockpile, Chief Executive Officer Warren Wheatley said in an interview. He added that no final decision has been made on raising funds. Bitcoin traded at around $97,000 on Thursday.

Raising money to buy Bitcoin, a strategy pioneered by Saylor in 2020, is becoming increasingly popular as cryptocurrencies gain more widespread adoption. His so far successful bet on the original digital token has pushed the market value of the company, formerly known as MicroStrategy Inc., to roughly $82 billion and his own fortune to $7 billion.

“We see Bitcoin as a strategic reserve asset that enhances our treasury portfolio while providing a hedge against economic instability and currency depreciation, particularly the depreciation of the South African Rand,” said Wheatley, whose firm operates a platform that helps raise money for privately held businesses.

The increasingly popular method of using corporate cash — or in some cases even borrowed money — to buy Bitcoin has its critics, who contend that its inherent volatility risks eroding companies’ balance sheets. Altvest said its board did a risk assessment and determined that Bitcoin aligns well with its alternative asset investment portfolio.

Altvest plans to acquire a stake in South Africa’s national rugby team the Springboks, the reigning world champions, and Wheatley said its customers will be able to invest in the team through its platform.