Exploring New Opportunities: Africa Bitcoin Corporation’s Potential Listing in Zimbabwe
Africa Bitcoin Corporation (ABC), a South African financial services group, is currently exploring the possibility of listing on either the Zimbabwe Stock Exchange (ZSE) or the Victoria Falls Stock Exchange (VFEX). This move aims to provide local investors with regulated access to Bitcoin, one of the most prominent cryptocurrencies globally.
Since its creation in 2009, Bitcoin has gained widespread recognition and acceptance. Its value has seen significant growth over the years, reaching around BTC1:US$107,777 as of Monday, with a market capitalization of approximately US$2.14 trillion. The digital asset has also attracted institutional interest, with BlackRock Inc., the world’s largest asset manager, holding about US$86.22 billion in Bitcoin exposure through its iShares Bitcoin Trust Exchange Traded Fund.
In Zimbabwe, cryptocurrency first emerged around the first quarter of 2017, offering an alternative income source for many individuals. However, this momentum was disrupted in May 2018 when the Reserve Bank of Zimbabwe issued a circular titled “Virtual Currencies,” directing all financial institutions to stop trading in cryptocurrencies. As a result, Zimbabwean investors were unable to benefit from Bitcoin’s subsequent price surge, which has exceeded 10,112% to date.
A Strategic Move for ABC
Stafford Masie, a director at ABC, revealed during last week’s In Conversation with Trevor Ideas Festival in Nyanga that the company is considering a dual listing on the ZSE. “We have already dual listed in Namibia, so the Namibians are now connected to us. One of the reasons I am here today is actually to see if we can dual list on the Zimbabwe Stock Exchange,” he stated.
Masie emphasized that the listing would be speculative at this stage, as the company is currently gathering data and engaging stakeholders to determine its relevance. He explained that the proposed listing would allow Zimbabweans to gain regulated, indirect exposure to Bitcoin through the equity market, despite the existing ban on cryptocurrency trading.
“When you buy the equity in our business, the proceeds from those sales go directly to building up our Bitcoin treasury,” Masie told businessdigest. “So, essentially, our business, our responsibility, is to keep building and stacking Bitcoin per share.”
Choosing the Right Exchange
With Zimbabwe hosting two exchanges—the ZSE, where the ZiG is the currency, and the US dollar-denominated VFEX—Masie confirmed that the company is deliberating on the optimal bourse for their listing. The decision will depend on factors such as market readiness, regulatory alignment, and investor demand.
Bitcoin has established itself as a top-performing asset, growing at a 30% compound annual growth rate over the past 16 years. The proposed ABC model is designed for investors seeking Bitcoin exposure but who face challenges in holding the asset directly. This approach is particularly appealing to retail investors, high-net-worth individuals, and institutional financiers such as pension funds.
A Need for Diversification
Masie argued that Zimbabwe’s persistent macroeconomic challenges and reliance on the US dollar highlight the need for a robust alternative store of value. “The problem of the US dollar is it is getting weaker and weaker because they are printing more and more US dollars; that is not sustainable,” he said.
By offering regulated exposure to Bitcoin through the equity market, ABC aims to provide investors with a diversified portfolio while aligning with the country’s evolving financial landscape.