Inkampani yokuqala ye-treasury ye-Bitcoin esohlwini lwe-JSE e-Afrika: Okumele kwaziwe abatshalimali baseNingizimu Afrika

I-Africa Bitcoin Corporation, inkampani eyayaziwa ngo-Altvest, iyibhizinisi lokuqala elisohlwini lwe-JSE elibamba i-Bitcoin njenge-asethi eyisisekelo ye-treasury. Lokho kunika abatshalimali baseNingizimu Afrika indlela entsha yokuchayeka ku-Bitcoin: amasheya enkampanini ebamba uhlamvu, athengwa ngomthengisi wamasheya ojwayelekile. Akufani nokuba ne-Bitcoin futhi umehluko uvela kwintela, ekugcinweni nasekulandeleni intengo.

Iyini ngempela i-Africa Bitcoin Corporation

Qala ngento uqobo, ngoba igama lenza umsebenzi omningi. I-Africa Bitcoin Corporation, i-ABC kubaninimasheya bayo, yaqala njengo-Altvest yase iphinde ivela njengenkampani yokuqala esohlwini lwe-JSE ebamba i-Bitcoin njenge-asethi eyisisekelo ye-treasury. Umsebenzi wayo oshiwo wukubamba i-Bitcoin nokukhulisa inani labaninimasheya njengoba leyo Bitcoin ikhula ngenani ngokuhamba kwesikhathi. Akuyona i-exchange. Akulona ibhizinisi lezinsizakalo zezimali. Iyinkampani ebambayo empahla yayo eyinhloko iyi-Bitcoin futhi umnotho wayo wehlela egebeni phakathi kwalokho izinhlamvu zayo ezikubiza nalokho okubiza ukuqhuba umsebenzi.

Lowo musho wokugcina uyiyo yonke imodeli yebhizinisi.

Inkampani yaqoqa imali yayo ngendlela izinkampani ezisohlwini ezenza ngayo, ngokunikezwa kwamalungelo nangokukhishwa kwamasheya amasha. Abatshalimali abathatha lawo masheya bathenga isimangalo sengxenye ye-Bitcoin ebanjwe yinkampani, hhayi i-Bitcoin uqobo. Umehluko uzwakala njengento encane uze uwuvivinye. Umninimasheya we-ABC akakwazi ukukhipha uhlamvu, akakwazi ukuqinisekisa okugciniwe nge-node yakhe futhi akakwazi ukuhambisa ngisho i-satoshi eyodwa noma kuphi kwinethiwekhi. Inkampani ingumnikazi we-asethi. Umninimasheya ungumnikazi wephepha elibhekisela kuyo kuphela.

Amasheya ahweba ku-JSE nokufakwa ohlwini ku-A2X, ku-NSX eNamibia naku-OTCQB kubatshalimali baseMelika, ngakho kukhona i-liquidity ngamahora emakethe nganoma yimuphi umthengisi wamasheya ojwayelekile. I-Bitcoin uqobo ihlala nomgcini ofanelekile kunokuba ihlale nenkampani ngokuqondile, uhlelo olwenzelwe ukugcina izinhlamvu zikude nokuwa kwenkampani. Lokho kuyisakhiwo esinengqondo. Kuyisikhumbuzo futhi sokuthi zingaki izendlalelo manje ezimi phakathi kwakho ne-asethi: umthengisi wakho wamasheya, i-exchange, inkampani, umgcini wayo. Ukuba nayo ngokuqondile akunazo nhlobo.

Ivelaphi indlela yenkampani ye-treasury

Umqondo awuqalanga eGoli. Ngo-Agasti 2020 inkampani yesofthiwe yaseMelika ebizwa ngo-MicroStrategy, eseyaqanjwa kabusha ngo-Strategy, yaguqula impahla yeshidi layo lebhalansi yaba yi-Bitcoin yaqhubeka nokuthenga. Imakethe yayilinganisa kabusha isuka kwinani lemakethe elingu-$1.78 billion laya cishe ku-$100 billion. Ekuqaleni kuka-2025 inkampani yayibambe u-479,000 BTC, inqwaba enkulu kunazo zonke ye-treasury yenkampani emhlabeni. Okungenani izinkampani ezingu-89 ezihwebwa esidlangalaleni zase ziyilandele kuleyo ndlela ngaleso sikhathi.

Izibalo sezizonke zaguqula into eyisimanga yaba yisigaba. Ukwamukelwa kwe-Bitcoin yizinkampani kwaphindeka kabili ngo-2024. Amabhizinisi angeza u-374,000 BTC kumashidi awo ebhalansi ngalowo nyaka owodwa kanti ekuqaleni kuka-2025 ayebambe cishe u-914,000 BTC esewonke, cishe u-4.4% wayo yonke i-Bitcoin eyoke ibe khona. Inkampani ye-treasury iwukubonakaliswa okubukhali kakhulu kwalelo gagasi elibanzi lezikhungo.

U-Strategy waphinde wanika imodeli ibhodi layo lamaphuzu, isilinganiso esibizwa nge-BTC Yield esikala ukukhula kokubanjwa kwe-Bitcoin ngesheya ngalinye. Inzuzo ngesheya ayingeni ndawo. Izinhlamvu ngesheya zingena. Ngo-2024 u-Strategy wabika i-BTC Yield engu-103%, okusho ukuthi i-Bitcoin emi ngemuva kwesheya ngalinye yaphindeka ngaphezu kwakabili ngonyaka ngaphandle kokuba abaninimasheya bathenge okunye. Kuyindlela eneqiniso yokwahlulela noma iyiphi inkampani ye-treasury, kufaka i-ABC, ngoba ayinaki intengo ye-Bitcoin nomoya wemakethe futhi ibuza kuphela ukuthi abaphathi bayakukhulisa yini lokho okusekela isheya ngalinye.

Leyo mishini ifanelwe yisigaba sayo, ngoba isika nhlangothi zombili.

Imishini ye-premium nokuncishiswa kwesabelo ngaphansi kwentengo yesheya

Yonke inkampani ye-treasury inenani lempahla emsulwa (i-NAV): inani lemakethe le-Bitcoin yayo lihlukaniswe ngenani lamasheya akhishiwe. Intengo yesheya ayiphoqelekile ukulihlonipha. Lapho isidingo sishisa, amasheya ahweba ngaphezu kwe-NAV, nge-premium, okusho ukuthi abathengi bakhokha okwengeziwe ngeyunithi ngayinye ye-Bitcoin kunalokho uhlamvu olufanayo olukubiza emakethe evulekile. Khokha izikhathi ezingu-1.5 ze-NAV usunikele ngo-R1.50 kuyo yonke i-R1.00 ye-Bitcoin engaphakathi kwesembozo.

Ama-premium awawona ubuwula ngokwencazelo. Imali enegunya engakwazi ukuthinta uhlamvu izokhokhela umnyango owodwa osohlwini otholakalayo, kanti abanye abatshalimali bakhokhela ukukhula okulindelekile, ithemba lokuthi abaphathi bazosebenzisa i-premium ukukhulisa izinhlamvu ngesheya. Inkinga wukuthi i-premium ingumoya wemakethe kanti umoya wemakethe uyisimo sezulu.

Isondo lokushova lisebenza kanje. Inkampani ehweba ngaphezu kwe-NAV ikhipha amasheya amasha bese isebenzisa imali ukuthenga i-Bitcoin. Ngoba amasheya athengiswa ngaphezu kwe-Bitcoin engemuva kwawo, ukuqoqwa kwemali kwengeza uhlamvu ngesheya okuningi kunalokho okudedelayo futhi ababambi abakhona bagcina nesimangalo esikhulu. Kuwukuncishiswa kwesabelo okucebisayo. Yileyo ndlela u-Strategy aphrinta ngayo u-103% wakhe futhi yilelo qhinga yonke inkampani ye-treasury ethemba ukuliphinda.

Manje liqhube libheke emuva. Vumela umoya wemakethe uphole aze amasheya ahwebe ngaphansi kwe-NAV bese wonke amaliva abambeka. Ukukhipha amasheya ngesaphulelo kubhubhisa uhlamvu ngesheya, ngakho ukuqoqa imali kuncipha isabelo ngendlela ejwayelekile ebuhlungu. Ukuthengisa i-Bitcoin ukuze kuthengwe amasheya kungavala igebe kodwa kwephula indaba inkampani eyakhelwe phezu kwayo. Inkampani ye-treasury ebambeke esaphulelweni iyisikebhe esinomoya ohlangothini olungalungile futhi abaninimasheya bayo bathola ukuthi imbuyiselo yabo inezingxenye ezintathu ezinyakazayo: intengo ye-Bitcoin, ushintsho ku-premium noshintsho ezinhlamvini ngesheya. Thenga uhlamvu ngokuqondile uthwale into eyodwa eshintshayo esikhundleni sezintathu.

Ngiyibuke imodeli ngokubanzi, kude nanoma yiliphi igama elilodwa, lapha: isibuyekezo sami sezinkampani ze-treasury ze-Bitcoin. Okusebenza ku-Strategy kusebenza ncamashi naku-ABC, kuphela ngesilinganiso saseGoli nange-liquidity yaseGoli.

Amasheya e-ABC uma eqhathaniswa ne-Bitcoin ekugcinweni kwakho

Ukugcinwa kungumehluko ohlanzeke kakhulu. Yiba ne-ABC futhi ukugcinwa kuyinkinga yenkampani, kuphathwa ngumgcini ongazange umkhethe futhi ongakwazi ukumshintsha. Yiba nohlamvu ngokuqondile futhi uhlelo lungolwakho: i-hardware wallet, i-vault ye-multisig, umgcini omkhethile futhi ongamshiya noma nini othanda ngakho. Lokho kulawula kuyilo lonke iphuzu le-Bitcoin njenge-bearer asset. Isitifiketi sesheya esibhekisela ohlamvini olukwi-vault yomunye umuntu sigcina ukuchayeka kwentengo kodwa sidedela ubunikazi.

Iphepha lilula. Uhlamvu luyimpahla.

Intela ihamba ngemizila ehlukene. Thengisa i-Bitcoin oyibambile bese i-SARS ithelisa inzuzo ohlamvini. Thengisa i-ABC bese i-SARS ithelisa inzuzo eshileni, okungesona isibalo esifanayo. Uma intengo yesheya inyuka ngo-50% ngesikhathi i-Bitcoin inyuka ngo-100%, inzuzo ethelisekayo ilandela isheya. Guqula umoya bese okuphambene kuyasebenza: i-premium eyakhule ngokushesha kunohlamvu ikunika inzuzo ethelisekayo enkulu kunaleyo i-Bitcoin uqobo eyilethile. Yengeza intela yokudluliswa kwamasekhuriti ekuthengeni ngakunye kwamasheya, bese ukhumbula ukuthi inkampani ithwele isimo sayo sentela ku-Bitcoin engaphakathi kwesembozo, futhi izindlela zombili ziyeka ukuqhathaniseka ngomugqa owodwa.

Ephepheni i-liquidity ibukeka ifana kodwa empeleni izindlela zombili ziziphatha ngokwehluke kakhulu.

Imakethe ye-Bitcoin ngerandi ijulile futhi ihweba usuku nobusuku. I-ABC ihweba ngamahora e-JSE ngamavolumu e-JSE, namagebe entengo ahambisana nalokho. Esikhundleni esincane lokho akusona isithiyo. Ngobukhulu, uhlamvu oluqondile ngedeski ye-OTC lusebenza ngokuhlanzeke kakhulu kunokusebenza ngencwadi yama-oda encane, okuyingxenye yesizathu sokuthi ngiyiqhube nganoma yibuphi ubukhulu. Ukulandela intengo nakho kuyantanta: eminyakeni isheya kufanele lilandele uhlamvu ngoba uhlamvu luyishidi lebhalansi, kanti ezinyangeni intengo yesheya iphendula emoyeni wemakethe, ezindlekweni nasekuqoqweni kwemali njengoba iphendula ku-Bitcoin uqobo.

Bese kuba khona isizathu sokuthi i-ABC ibe khona nhlobo: amagunya. Umqulu wesikhwama sempesheni noma uhlaka lwe-unit trust oluvumela amasheya asohlwini lungathenga i-ABC kusasa. Umqulu ofanayo ungavimbela ngokuphelele ama-crypto asset aqondile. Kuleyo mali inkampani ye-treasury akuyona enye yezinketho eziningi. Iwukuphela komnyango ovulekile okhona.

Okushiwo yincwadi yemithetho ye-JSE nge-Bitcoin esohlwini

Isizinda somthetho sichaza ukuthi kungani indlela yamasheya yafika kuqala. NgoJuni 2021 i-Intergovernmental Fintech Working Group yashicilela umqulu wesikhundla oncoma ukuthi amasekhuriti abhekisela kuma-crypto asset angafakwa ohlwini kuze kube yisaziso esilandelayo. Lokho kwakuyi-Recommendation 23 futhi kwagcina umnyango wezikhwama uvaliwe iminyaka.

Ukuncibilika kwafika ngezigaba. Ngo-Okthoba 2022 i-FSCA yamemezela ama-crypto asset njengomkhiqizo wezezimali ngaphansi koMthetho we-FAIS, idonsela izeluleko nezinsizakalo zabalamuli ohlelweni lwamalayisensi. Kwathi zi-4 Septhemba 2025 i-JSE yashicilela izichibiyelo ezihlongozwayo kuma-Debt and Specialist Securities Listings Requirements ayo ukuze kwamukelwe ama-ETN nama-ETF abhekisela kuma-crypto asset agunyaziwe, nokuphawula komphakathi kuvulekile kwaze kwaba zi-6 Okthoba 2025.

Imithetho ehlongozwayo iqinile ezindaweni ezifanele. Okungenani u-90% wama-crypto asset asekela umkhiqizo osohlwini kufanele ahlale esitoreji esibandayo noma ohlelweni olulinganayo oluhloliwe. Intengo kufanele ivele kwinkomba yama-crypto asset eyakhiwe kuma-platform amaningi ahloliwe kunokuba ivele ku-exchange eyodwa. Ukudalwa nokuhlengwa kwenzeka ngemali kuphela futhi wonke umkhiphi kufanele aqoke umenzi wemakethe. Ngiyichaze imininingwane lapha: imithetho ehlongozwayo ye-JSE yamasekhuriti e-Bitcoin.

Qaphela nokho ukuthi i-ABC iyini engeyona. Ayiyona i-ETN noma i-ETF. Iwukufakwa ohlwini kwamasheya okujwayelekile, inkampani okwenzeka ukuthi ibambe uhlamvu, okuyiyona ndlela ncamashi i-Bitcoin engene ngayo ku-JSE ngesikhathi umnyango wezikhwama usavaliwe. Uma lowo mnyango usuvuleka kahle, imikhiqizo eshibhile elandela intengo izoncintisana ngemali efanayo enegunya futhi i-premium yenkampani ye-treasury kuzomele izuzwe ngokukhula kwangempela kohlamvu ngesheya kunokuba ngokushoda kokufinyelela. Noma ubani okhokha i-premium nge-ABC namuhla kufanele akufake lokho ezibalweni.

Iyiphi indlela efanele muphi umtshalimali

Isilinganiso sinquma okuningi kwakho. Umtshalimali ozimele one-R5 million yokwabiwa angasebenzisa noma iyiphi yezindlela zombili; umehluko yi-premium ekhokhwa ekungeneni, izindleko zokuqhuba nokulandela intengo endleleni. Ihhovisi lomndeni eline-R100 million lithambekela ohlamvini oluqondile, lapho ukugcinwa kungasatshalaliswa ezinhlelweni elizilawulayo nalapho izindleko zokuqhuba zesikhwama ziyeka ukudla umbono esilinganisweni. Isikhwama sempesheni esine-R500 million ngaphansi kwegunya lamasheya singathola ukuthi i-ABC iwukuphela kwendlela esebenzayo yokubonakalisa umbono we-Bitcoin esivunyelwe ukuwubamba.

Isikhundla sami ngeke simangaze muntu ofunde waze wafika lapha. Kumuntu ngamunye owonga ngombono weminyaka emihlanu kuya kweyishumi, okuwukuphela kombono engiwamukelayo nge-Bitcoin, ngifuna iklayenti libe ne-asethi uqobo: izinhlamvu esitoreji esibandayo nezikhiye ngaphansi kokulawula kwalo. Lowo ngumsebenzi engiwenzayo e-SimplB, ukuzigcinela okuqondiswayo kusukela ku-R10,000 kanye ne-multisig ye-2-ku-3 I-Vault yokugcinwa okukhulu, lapho iklayenti libamba izikhiye ezimbili ze-hardware kanti mina ngibamba ukhiye wokubuyisela kuphela. Ayikho i-premium, alikho iqembu eliphikisayo futhi akukho ukuntanta kokulandela intengo phakathi kwakho ne-asethi. Futhi uma ungumqondisi obuza ngeshidi lebhalansi lenkampani yakho kunele-ABC, izimpendulo zokubalwa kwamabhuku neze-SARS sezikhona, zibekwe ku-Bitcoin njenge-asethi ye-treasury yenkampani eNingizimu Afrika.

Noma yini oyinqumayo, yenza isibalo esisodwa i-ticker engakukhombisi sona. Thatha inani lemakethe lenkampani ulihlukanise ngenani le-Bitcoin eyibambile. Impendulo eseduze no-1 isho ukuthi ukhokha inani elifanele lohlamvu kanye neqembu labaphathi. Impendulo ephezulu kakhulu kuno-1 isho ukuthi ukhokha leso siphindo kuyo yonke irandi ye-Bitcoin engaphakathi futhi udinga umbono oqinile wokuthi kungani i-premium isinda uma izembozo ezishibhile zifakwa ohlwini eduze. Uhlamvu uqobo luhlala luhweba ku-1 ncamashi.