Indian Firm Jetking to Raise Funds for Bitcoin Investment

Mumbai-based Jetking Infotrain Limited to raise ₹6.6 crore ($793,000) to purchase Bitcoin, according to a recent announcement from Jetking’s CFO Siddarth Bharwani . The IT education firm, which already holds 14.77 BTC ($1.2M) as of December 2024, is doubling down on its crypto strategy despite India’s cautious regulatory stance.

This move makes Jetking the first publicly listed Indian company to actively expand its Bitcoin holdings. The company’s leadership believes that digital assets are a crucial part of the future, and they’re willing to back that vision with real capital.

Strategic Fundraising to Buy Bitcoin

Jetking’s board has approved a “Strategic Fund Raise” to accelerate its acquisition of virtual digital assets. The company will issue 428,622 equity shares at ₹154 each—comprising a ₹10 face value and ₹144 premium—to select investors, including promoter groups and non-promoters.

This capital raise, structured under SEBI and Companies Act regulations, will primarily fund Bitcoin purchases, along with general corporate needs and BTC-focused education programs.

Jetking’s “Bitcoin-only” treasury policy, adopted in late 2024, signals a long-term commitment to integrating cryptocurrency into its financial strategy.

Jetking’s Journey from Electronics to Bitcoin

Founded in 1947 as an electronics manufacturing company, Jetking pivoted to IT training in 1990. Today, the company operates 100 centers across India and trains 35,000 students annually in fields such as blockchain, cybersecurity, and networking.

Jetking made history in December 2024 when it became India’s first public company to add Bitcoin to its balance sheet. This decision led to a 20% stock price surge, proving that investors see potential in the firm’s crypto strategy.

Financially, Jetking has been performing well, reporting a 39% increase in quarterly operating income in 2024. The latest Bitcoin investment is expected to further strengthen its financial position.

Why This Move is a Game Changer

1. A New Precedent for Indian Corporates

India has traditionally been cautious about cryptocurrency. While regulations are slowly evolving, most public companies have avoided direct exposure to digital assets. Jetking’s Bitcoin investment is a bold move that could inspire other businesses to reconsider their stance.

If successful, Jetking’s strategy could open the doors for broader corporate adoption of Bitcoin in India. With a population of over 1.4 billion and increasing digital finance adoption, this move signals a shift in India’s corporate mindset.

2. Following Global Trends

Jetking’s Bitcoin strategy aligns with global corporate trends. Companies like Tesla and MicroStrategy have already made headlines for using Bitcoin as a corporate treasury asset.

MicroStrategy, led by Michael Saylor, is currently the largest corporate Bitcoin holder with $45 billion worth of BTC. Japan’s Metaplanet, another major corporate Bitcoin buyer, holds $359 million in BTC.

Jetking may not be in the same league yet, but its approach mirrors that of these pioneers. 

Criticism and Skepticism

Not everyone is convinced that Jetking’s Bitcoin investment is significant. Prominent on-chain analyst ZachXBT mocked the move, questioning whether a company with a $6.6 million market cap investing in Bitcoin is even newsworthy.

ZachXBT’s post on X (formerly Twitter) suggested that low-cap meme coins announcing Bitcoin purchases receive similar media attention, which contributes to the crypto industry’s credibility issues.

In response, Jetking’s CFO Siddarth Bharwani pushed back, drawing parallels to MicroStrategy’s early days. He urged skeptics to compare MicroStrategy and Metaplanet’s market caps when they first started accumulating Bitcoin and to “wait for twelve months” before making judgments.

According to reports from The Street, Michael Saylor himself has been tracking Jetking’s Bitcoin strategy, suggesting that the Indian firm’s approach has caught the attention of one of the biggest Bitcoin advocates in the world.

What’s Next for Jetking?

The ₹6.6 crore share issuance still needs shareholder and regulatory approvals before it can be executed. However, Jetking’s CFO hinted that “bigger things are coming,” signaling that this may just be the start of the company’s deeper involvement in crypto.

With Bitcoin’s adoption accelerating globally, Jetking’s move could mark a turning point for Indian corporates. If more businesses follow its lead, India might see a shift toward digital assets as a legitimate financial strategy.