Four of Africa Bitcoin Corporation’s six directors have resigned. The JSE-listed bitcoin treasury company now has two directors.
The resignations followed a demand from a group of shareholders led by WGW Capital, the investment vehicle of founder Warren Wheatley and other shareholders.South Africa’s Financial Sector Conduct Authority (FSCA) debarred Wheatley for 20 years and fined him R5 million over alleged share price manipulation. He disputes the findings and is seeking reconsideration from the Financial Services Tribunal.
The group had earlier demanded two new non-executive directors. The board opposed the move, citing governance and regulatory integrity. The group then pushed to have four sitting directors removed.
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The departing directors are chair Norma Sephuma, interim CEO Stafford Masie, and independent non-executive directors Snowy Masakale and GG Alcock. Their resignations took effect on 9 October, and the company announced them on Monday.
The company says WGW and other shareholders holding about 71.8% of ordinary shares sent the board a second letter demanding a shareholders’ meeting to vote the four out. The directors say “material differences” with WGW emerged. After the letter, they concluded these could not be resolved.
Masie has also resigned as interim CEO and director of bitcoin strategy. His last day is 28 February 2027. He will stay in his executive role until then to support an orderly handover to a permanent CEO. Masie was Google’s first country manager in South Africa. He took over as interim CEO on 31 August, when Wheatley was placed on precautionary leave after the FSCA debarred him.
Sephuma and Masakale have also left the board of Altvest Credit Opportunities Fund, a group subsidiary.