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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
("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 ZAE000337051
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 10 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 26 February 2026, the Group, through its wholly-owned
subsidiary Africa Bitcoin Strategies Proprietary Limited, acquired a further 0.4742 BTC for an aggregate cash
consideration of R512,466 at an average price of R1,080,695 per BTC (inclusive of fees and expenses). The BTC was
acquired in the open market.
The Group obtained a new R2,105,647 secured digital asset lending facility, collateralised by a portion of the Group's
Bitcoin holdings, at a variable interest rate linked to the market dynamics of the BTC (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. An amount of R512,466 of this
facility was utilised to fund the Bitcoin acquisition referred to in this announcement. The remaining proceeds were applied
to settle an existing higher-cost lending facility, with a portion of the balance allocated to support SME funding initiatives
through the Group's lending platform. The facility may be reduced or repaid at the Group's discretion, subject to
applicable collateral requirements.
Following this acquisition, the Group now holds 5.0246 BTC in aggregate, with an aggregate acquisition value of
approximately R7,827,466 reflecting an average acquisition price of approximately R1,557,826 per BTC (inclusive of
fees and expenses).
This BTC acquisition, aggregated with all acquisitions by the Group of BTC during the previous twelve months,
constitutes a category 2 transaction in terms of the JSE Listings Requirements, but does not involve related parties and
does not require shareholder approval.
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.
Date Sats per ABC ordinary share BTC Yield
19 February 2025 9.2 100%
3 November 2025 17.7 93%
5 November 2025 22.09 140%
7 November 2025 28.10 206%
9 February 2026 40.03 335%
26 February 2026 44.20 381%
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, sovereign wealth funds, and publicly traded companies have
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
26 February 2026, was R1,080,695 (based on the prevailing trading price per BTC of US$68,097 and a US$/ZAR
exchange rate of 15.86, on 26 February 2026). Accordingly, the carrying value of the Group's 5.0246 BTC, as at the date
of this announcement (using the abovementioned market value), is R5,430,060 (the carrying value of the 1.0074 BTC
held as at 31 August 2025 was R1,973,043 (or US$109,251), as extracted from the unaudited interim results of the Group
for the six months ended 31 August 2025, which were prepared in accordance with IAS 34 - Interim Financial Reporting).
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
27 February 2026
JSE Designated Advisor NSX Sponsor
Questco Corporate Advisory Cirrus Securities (Pty) Ltd
Member of the Namibian Stock Exchange
Date: 27-02-2026 07:05:00
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