Jetking Infotrain: India’s First Publicly Traded Company to Adopt Bitcoin
Jetking Infotrain made headlines by becoming India’s first publicly traded company to adopt Bitcoin (BTC) as a reserve asset for its treasury. The firm purchased 12 BTC on Dec. 9, valued at roughly $1.2 million.
Market Cap and Bitcoin Stash
- Jetking Infotrain’s market cap is nearly $4.5 million.
- The firm’s BTC stash represents over 26% of its market cap.
Strategic Approach
In an interview with Bitcoin proponent Max Keiser, Jetking Infotrain’s CEO Avinash Bharwani revealed the company’s strategy of mixing equities and BTC to enhance long-term value. Bharwani expressed interest in formalizing this approach in collaboration with regulators.
Company Background
Established in 1947 as Jetking Electronics, the company ventured into trading electronic goods in India. It went public in 1986 on the Bombay Stock Exchange.
Financial Performance
- Jetking Infotrain reported a profit of $366,520 in the first quarter.
- The company witnessed a 39% increase in operating income over quarters and 36% yearly.
This move by Jetking Infotrain coincided with MicroStrategy adding more BTC to its reserves and Riot Platforms announcing a plan to raise $500 million for BTC acquisitions.
Legal Guidance and Regulatory Landscape
Suril Desai, a prominent crypto lawyer, is leading discussions with regulators on behalf of Jetking Infotrain. Desai played a pivotal role in lifting a ban imposed by the Reserve Bank of India on banks facilitating crypto transactions. Bharwani emphasized the importance of regulatory clarity in enabling legal Bitcoin holdings.
“People can now hold Bitcoin on their balance sheet legally.”
Despite progress, tax reporting for Bitcoin gains in India remains a work in progress, with a tax rate of 30%.
