- Jetking Infotrain has made headlines by becoming the first publicly listed company in India to hold Bitcoin as part of its treasury reserves.
- The company revealed its acquisition of 12 Bitcoin, worth around $1.2 million, indicating a change in the way Indian businesses are embracing digital assets.
On December 9, Jetking Infotrain, an Indian IT training company, announced its adoption of Bitcoin (BTC) as a reserve asset, making it the first publicly listed Indian company to do so, according to CEO Avinash Bharwani. The firm has procured 12 BTC, currently valued at approximately $1.2 million, with each Bitcoin priced at $97,986.35 at the time of reporting.
No coins selectedJetking Infotrain’s market capitalization stands close to $4.5 million, indicating that its Bitcoin holdings account for over 26% of its total value. This strategic investment highlights a significant shift in how Indian enterprises are beginning to engage with digital assets. Currently, public companies now possess 2.6% of the total supply of Bitcoin.
During an interview with Bitcoin advocate Max Keiser at the Bitcoin Conference MENA in Abu Dhabi, Bharwani highlighted the company’s strategy of integrating equities with Bitcoin in its treasury to promote long-term growth. He stated, “We are the first to do this, and we are actively engaging with regulators to formalize the process while ensuring compliance.” The conference, which occurred at the ADNEC Center on December 9-10, featured an impressive array of speakers, offering a diverse spectrum of insights and expertise within the Bitcoin industry.
Founded in 1947 as Jetking Electronics, the company originally specialized in trading electronic goods in India and went public in 1986 on the Bombay Stock Exchange. Recent financial data from Livemint reveals that Jetking Infotrain reported a profit of $366,520 for the first quarter, with an impressive operating income growth of nearly 39% quarter-over-quarter and 36% year-over-year.
Growing Institutional Interest in Bitcoin: A Global Trend
Jetking Infotrain’s Bitcoin reserve announcement comes on the same day that MicroStrategy revealed its acquisition of an additional 21,550 BTC, alongside Bitcoin miner Riot Platforms announcing plans to raise $500 million to expand its Bitcoin holdings. This acquisition by MicroStrategy brings its total holdings to 423,650 BTC, valued at nearly $41.5 billion at current prices, as per the CNF report. MicroStrategy now owns more than 2% of the total 21 million bitcoins that will ever be mined.
This confluence of events underscores the growing trend of institutional interest in cryptocurrency among companies globally. In addition to those mentioned, Bitcoin Group SE is the largest Bitcoin holder outside of North America. Meanwhile, China’s Boyaa Interactive holds the title of the largest Bitcoin holder in Asia, with a total investment of $310 million, according to its announcement on November 29. Other notable corporate holders in the region include BitFuFu, which recently disclosed ownership of 1,664 BTC, and the Japanese public company Metaplanet, both of which are also among the top Bitcoin holders in Asia.
Jetking’s decision to make Bitcoin its primary reserve asset aligns with the trend among companies that are adopting Bitcoin for treasury diversification amid changing economic conditions. This move could inspire other Indian firms, which have been more cautious compared to global companies that have embraced Bitcoin. Bitcoin was trading at $97,222, experiencing a 2.60% decline in the past 24 hours but showing a 1.65% increase over the last week.
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