• Acquiring undervalued public companies, redeploying proceeds into Bitcoin
• Estimated USD 10tn-15tn worth of listed equity trading below book value

Investment platform Altuva is preparing to scale an existing Nasdaq-listed vehicle into a USD 500m ‘capital recycling’ platform that will acquire undervalued public companies and redeploy proceeds into long-duration treasury assets such as Bitcoin, CEO William Wu said.

Altuva is in the process of acquiring a target vehicle with a market cap in the USD 5m-USD 10m range, the CEO said. While this reflects the current size of the listed entity, the market cap once capitalized and trading after the raise should be broadly aligned with an approximately USD 500m target.

The raise, described as well progressed, is expected to allow Altuva to begin executing its acquisition strategy in early 2026, he added.

Altuva has built a proprietary sourcing pipeline using AI tools that generated detailed research on around 500 companies, the CEO said.

The shortlist of priority targets totals roughly USD 1bn in combined market capitalization and spans biotech, mining, industrials, and real estate across the United States, United Kingdom, Australia, Canada and Japan.

According to a deck seen by this news service, Altuva’s model follows a repeatable sequence designed to extract value from listed companies trading below net asset value.

The Nasdaq-listed entity will merge with these companies using stock rather than cash. Wu said this approach allows Altuva to benefit from pricing dynamics often seen following major capital injections, which can make each transaction accretive.

Once in control, Altuva intends to unlock balance sheet value in stages, with Wu noting that the company will sell or optimize operating units, convert certain balance sheet assets into cash, and enable reverse merger pathways for the public-company entity where relevant.

He described the strategy as targeting capital structure mis-pricings and avoiding the operational risks typical in private equity turnarounds.

Proceeds from these transactions are expected to be recycled into Bitcoin held on balance sheet without leverage.

The CEO said Bitcoin was selected as a liquid and globally accessible treasury asset and noted that alternatives at institutional scale are limited.

He added that most of the platform’s return comes from arbitrage and corporate-structure optimization, which the deck describes as uncorrelated with Bitcoin’s price cycle.

The company is designed for high velocity and repeatable transactions, the CEO said. Altuva aims to pursue approximately one acquisition per month, although the pace of activity may change.

According to the deck, this approach is supported by the public-market nature of the takeovers and the absence of operational turnaround requirements.

The CEO pointed to a large pool of undervalued public companies globally and cited an estimated USD 10tn-15tn worth of listed equity trading below book value. He mentioned Japan as a significant opportunity and noted that approximately 40% of its market trades below net asset value.

The business is structured to run with minimal fixed costs and no financial leverage. Altuva is targeting operating expenses below 1% of day one market capitalization, Wu said.

Management is positioning the platform as an ‘anti-SPAC’, Wu said, that will consolidate mispriced or capital inefficient listed companies.

Private equity sponsors and strategic consolidators have expressed interest in partnering with Altuva as a mechanism for accessing business lines that remain trapped within listed companies, the CEO said.

Altuva is working with DA Davidson as its signed advisor on the Nasdaq structure, and is open to inbound ideas from additional banks and advisory firms as part of its acquisition strategy. The company expects to finalize relationships with further advisers as the capital raise progresses.

The CEO said he expects the model to emerge as a defined asset class over the coming years, with Altuva positioning itself as an early mover.

Wu previously served as a vice president in Oaktree Capital Management’s special situations group, following an early career as a consultant at McKinsey & Company. He is also the founder of technology company Artisse Interactive.