South African Bitcoin Firm Loses 4 of Its 6 Directors
SOUTH AFRICA · MARKETS
Key Facts
- —The country South Africa hosts the Johannesburg Stock Exchange (JSE), where Africa Bitcoin Corporation trades under the code BAC alongside listings in Namibia.
- —What happened Four of six directors, including the chairperson and the interim chief executive, resigned with effect from Friday 9 October, the bitcoin firm said Monday.
- —Who pushed A bloc led by WGW Capital, linked to former chief executive Warren Wheatley, holds about 71.8% of shares and sought their removal.
- —The background On 30 August the board learned that South Africa’s market-conduct regulator had debarred Wheatley and two colleagues, who dispute the findings.
- —The US link The shares are quoted in the United States on the OTCQB market under the ticker AFBCF.
- —Still open A new chairperson, a permanent chief executive and the date of a shareholder meeting have not been announced.
Africa Bitcoin Corporation, a Johannesburg-listed bitcoin firm that also lends to small businesses, has lost four of its six directors in one stroke. The chairperson and the interim chief executive were among them, after a bloc tied to its debarred former boss sought their removal.
The company’s shares are also quoted in the United States, and it reports the same bitcoin-per-share yardstick as US-listed Strategy. It disclosed the resignations to the Johannesburg Stock Exchange on Monday 12 October, citing “material differences” with the shareholder bloc.
What Africa Bitcoin Corporation Told the Exchange
In a notice to the exchange dated 12 October, the company said chairperson Norma Sephuma resigned with effect from Friday 9 October. Independent directors Snowy Masakale and GG Alcock and executive director Stafford Masie left the board on the same day.
Masie, who became interim chief executive on 31 August, also resigned from that post and as director of bitcoin strategy. His intended last day is 28 February 2027, and he has offered to keep up his executive duties and help hand over to permanent leadership.
Only two directors remain: Robin Coode, an independent non-executive director, and Jonathan Phillips, the financial director. They are working with the company’s advisers to restore a board that meets legal and listing rules.
Sephuma and Masakale also left the board of Altvest Credit Opportunities Fund, the group’s lending arm. The company said its executive management team stays in place and keeps running day-to-day operations.
Who Is Behind the Shareholder Revolt
The pressure came from WGW Capital, owned by a family trust whose beneficiaries are Warren Wheatley and his immediate family, a company filing shows. The board placed Wheatley on leave as chief executive on 31 August, and he resigned from the post on 21 September.
On 30 August the board learned that the Financial Sector Conduct Authority, South Africa’s market-conduct regulator, had issued debarment orders against Wheatley and two colleagues. The other two were chief investment officer Akshay Karan and Tatum Wheatley, who headed media and investor relations.
The orders bar them from providing financial services or acting as key persons of financial institutions, according to the company. All three dispute the findings and have applied to the Financial Services Tribunal, which reviews regulators’ decisions, for reconsideration.
Wheatley and his related persons held 50.35% of the ordinary shares after a purchase in August, the company disclosed on 18 August. On 8 October, the company disclosed that WGW and other shareholders, together holding about 76%, had demanded a meeting to vote on two new directors.
The board said it did not support those appointments, citing governance and regulatory integrity in the exceptional circumstances facing the group. A follow-up letter from holders of about 71.8% then sought the removal of the four directors, who concluded the differences could not be resolved.
News24, the South African news site, described the exits as a boardroom bloodbath. It reported that the company’s investors include businessman Rob Hersov and Alec Hogg, founder of the BizNews financial website.
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A Small Bitcoin Treasury With Big Listing Plans
Africa Bitcoin Corporation, formerly Altvest Capital, describes itself as a private credit lender to small firms that keeps bitcoin as a treasury asset. Its shares trade on the Johannesburg Stock Exchange’s main board, on A2X, a smaller South African exchange, and on Namibia’s stock exchange.
In its last bitcoin purchase notice, on 28 May, the group said it held 5.5331 bitcoin in total. It had paid about R8.46 million (about US$512,000) for them, at about 16.51 rand to the US dollar on 12 October 2026.
The bitcoin firm funded that last purchase with a loan secured against part of its bitcoin, at a variable rate then below 5% a year. In a notice dated 1 October, it deferred a planned listing and share sale on the UK’s Aquis Growth Market.
What It Means for US Readers
Americans can trade Africa Bitcoin Corporation shares on the OTCQB, a US over-the-counter market, under the ticker AFBCF, the company says. The shares are also quoted on Germany’s Deutsche Börse under the code 4BC.
The company reports a “BTC Yield”, the percentage change in bitcoin held per share, a measure also used by US-listed Strategy. Strategy, formerly MicroStrategy, calls BTC Yield a key performance indicator and warns it is not a yield in the traditional sense.
For US investors, the episode shows how fast control can shift at a small bitcoin firm when one shareholder group holds most votes. The company announced the first demand on 8 October, and four directors had resigned by the next day.
What Is Not Known
The company has not named a new chairperson, a permanent chief executive or the date of the shareholder meeting. It has also not named the two proposed directors, though it promised details in a further announcement.
No ruling by the Financial Services Tribunal on the challenges by Wheatley, Karan and Tatum Wheatley has been announced. The company has also not said how its lenders and institutional funders view the boardroom upheaval.
The resignations do not mean the bitcoin firm has stopped operating. The company said its management team keeps running the business, and the regulator’s findings were not issued against any group entity.
More: South Africa news in English, every day from The Rio Times.
Frequently Asked Questions
What is Africa Bitcoin Corporation?
It is a South African bitcoin firm, formerly Altvest Capital, listed on the Johannesburg Stock Exchange under the code BAC. It lends to small and medium-sized businesses and holds bitcoin as a treasury asset.
Who resigned from the board?
Chairperson Norma Sephuma, executive director Stafford Masie and independent directors Snowy Masakale and GG Alcock resigned with effect from 9 October. Robin Coode and Jonathan Phillips remain on the board.
Why did the directors resign?
A shareholder group led by WGW Capital, holding about 71.8% of the shares, demanded a vote to remove them. The four said material differences had emerged between the board and WGW and could not be resolved.
Can Americans buy Africa Bitcoin Corporation shares?
Yes, the ordinary shares are quoted on the OTCQB, a US over-the-counter market, under the ticker AFBCF. The main listing remains the Johannesburg Stock Exchange, where they trade under the code BAC.
Who is Warren Wheatley?
He was chief executive of the bitcoin firm until he resigned on 21 September. South Africa’s Financial Sector Conduct Authority had issued a debarment order against him, which he disputes, and his family trust owns WGW Capital.
Sources: Africa Bitcoin Corporation, SENS: Supplementary Demand and Changes to the Board, 12 October 2026; Africa Bitcoin Corporation, SENS: Demand for a Shareholders’ Meeting, 8 October 2026; Africa Bitcoin Corporation, SENS: Resignation of Akshay Karan and Deferral of Aquis Admission, 1 October 2026; Africa Bitcoin Corporation, SENS: Resignation of Warren Wheatley, 22 September 2026; Africa Bitcoin Corporation, SENS: FSCA Decisions and Interim Chief Executive, 1 September 2026; Africa Bitcoin Corporation, SENS: Dealings in Securities and Beneficial Interest, 18 August 2026; Africa Bitcoin Corporation, SENS: Acquisition of Bitcoin, 28 May 2026; News24, 12 October 2026; Strategy, glossary and KPI notes, 12 October 2026.
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief