Zak Mir talks to Stafford Masie, Executive Chairman, and Warren Wheatley, CEO, Africa Bitcoin Corporation, which is set to list on the Aquis Exchange.
I sat down with Stafford Maisy, Executive Chairman, and Warren Wheatley, CEO of Africa Bitcoin Corporation to understand how a South African financial services group plans to combine an established SME lending business with a Bitcoin treasury strategy. What follows is a clear view of their thesis, the mechanics behind the plan, and why they believe Africa is the ideal place for a Bitcoin-first corporate treasury.
What is Africa Bitcoin Corporation?
Africa Bitcoin Corporation is the first publicly listed company in Africa to adopt Bitcoin as a core treasury asset. The business started as a financial services group focused on secured lending to small and medium enterprises across South Africa and has now announced a strategic pivot: use Bitcoin to strengthen the balance sheet, access cheaper global capital, and scale lending and impact across the continent.
Bitcoin was made for us.
That tagline captures their conviction. Stafford and Warren describe Bitcoin not as a speculative novelty but as a practical, life-changing instrument in African markets where currency debasement and weak rails make reliable stores of value precious. They are positioning ABC to be the regulated, listed vehicle that gives African investors, citizens and institutions exposure to Bitcoin in a jurisdictional, compliant manner.
Why a Bitcoin treasury strategy in Africa?
The argument is straightforward and rooted in local economic realities:
- Demand is pent up. In many African countries access to Bitcoin is restricted, exchanges are nascent, and investors lack regulated entry points.
- Currency debasement makes a fixed-supply, globally recognised asset attractive as a store of value.
- Bitcoin is being used as a medium of exchange in sub-Saharan Africa at higher rates than almost anywhere else. Merchant acceptance and day-to-day use are significant.
- The informal economy is large, sophisticated and largely cash based. Creating rails to bring informal participants into regulated Bitcoin exposure is an opportunity to increase financial inclusion.
They point to examples like Namibia, where ABC has already completed a dual listing, as evidence of demand for a regulated way to gain Bitcoin exposure across the continent.
How the strategy works in practice
ABC’s plan is not just to buy Bitcoin and sit on it. The stated objective is to increase Bitcoin per share over time by using Bitcoin as pristine collateral to unlock cheaper capital globally and then deploy that capital into secured, high-impact lending within Africa.
Key mechanics include:
- Bolster the balance sheet by holding Bitcoin as a core asset, increasing the company’s creditworthiness.
- Borrow in deep capital markets such as Japan, Switzerland or the US at single-digit interest rates.
- On-lend to African SMEs at materially higher rates, creating an interest-rate arbitrage that can be accretive to shareholders and increase Bitcoin per share.
Warren explained the arbitrage clearly: borrow at around 6 to 9 percent in developed markets and on-lend in Africa at roughly 20 to 22 percent, resulting in a margin that can be reinvested into the treasury strategy and into the core lending book.
Lending model and impact
ABC’s lending is secured and targeted at businesses rather than microfinance. Typical loan sizes are between £100,000 and £1,000,000, and the company has a three-year track record of deploying such loans.
This is presented as high-impact lending: Stafford noted the social multiplier effect — for every modest amount deployed, jobs are created. The combination of secure lending with a Bitcoin-backed balance sheet is intended to simultaneously deliver financial returns and measurable local impact.
Regulation, listings and rollout across Africa
ABC’s listing strategy begins with the Johannesburg Stock Exchange as its home market and has expanded with a dual listing in Namibia. The company plans further listings in five other sizable African markets to create regulated access points for citizens where Bitcoin cannot easily be bought today.
Key points on compliance and execution:
- Using the Johannesburg Stock Exchange as the regulatory anchor simplifies subsequent listings because many African exchanges accept a fast-track process that recognises the rigor of JSE scrutiny.
- Additional listings are described as access points, not liquidity hubs. Deep liquidity is expected to come from listings on major markets such as London, Frankfurt and the US.
- ABC argues that South Africa offers the best combination of liquidity, governance and integration with global capital markets, giving the company a practical moat for a continental rollout.
Why ABC believes it can be the dominant player
Stafford and Warren set out several competitive advantages:
- They bring on-the-ground experience across African townships and informal economies, not just a financial services pedigree.
- Their lending business is naturally synergistic with a Bitcoin treasury. The balance sheet amplification unlocks cheaper capital which scales the lending model.
- They claim a governance and regulatory network, including relationships with the South African Reserve Bank and the JSE, that many competitors lack.
They also stressed differentiation from other companies that have taken on Bitcoin treasuries without an operational fit. Unlike firms that can only announce a holding, ABC intends to actively use Bitcoin as collateral to build a repeatable, accretive business model.
Our sole objective is continuously and perpetually to increase Bitcoin per share.
Practical concerns and responses
Addressing obvious questions, Stafford explained that cross-border expansion can be managed without an explosion in compliance costs because partner exchanges usually accept the JSE’s due diligence and offer a fast-track listing. The company will still meet KYC and AML checks locally, but the model is designed to be operationally manageable.
On the human side, both leaders emphasised their township roots and the reality of local economies. They challenged western misperceptions about African economies, arguing that informal cash markets are sophisticated and primed for the benefits Bitcoin can bring when offered through regulated, understandable rails.
What to watch next
Key milestones to monitor include:
- Final listing on the Aquis Exchange and subsequent planned listings across African markets.
- Announcements about the size and timing of initial Bitcoin purchases for the treasury and the financing structures used to leverage that collateral.
- Rollout of lending products that blend fiat and Bitcoin exposure, such as hybrid instruments or "bit bonds", which the company mentioned as a way to grow the treasury without causing dilution.
- Partnerships with deeper capital markets to provide liquidity and enable the interest-rate arbitrage at scale.
Conclusion
Africa Bitcoin Corporation presents a thesis built on a credible underlying business, continental demand, and a conviction that Bitcoin offers more than speculative upside in African markets. By using Bitcoin as pristine collateral to access global liquidity and scale secured lending locally, ABC aims to be both accretive for shareholders and transformational for customers on the ground.
Whether you view Bitcoin as a speculative asset or as money, ABC’s approach is pragmatic: use the asset to create real economic value, deliver credit to businesses that need it, and increase Bitcoin exposure for investors and citizens who currently lack regulated access.
For those tracking the intersection of crypto, emerging markets and impact finance, this is a story to follow closely.
