Jetking aims to use Bitcoin’s high price value to elevate its financial value in the long term.
Jetking is India’s first public firm to have Bitcoin on its balance sheet
Photo Credit: Unsplash/ Viktor Forgacs
Jetking, a Mumbai-based IT training firm, plans to expand its Bitcoin holdings in the coming months. Company CFO Siddharth Bharwani said Thursday Jetking would raise Rs. 6.6 crore by selling 4,28,622 equity shares in compliance with SEBI regulations. The development comes around three months after Jetking became the first publicly listed firm in India to adopt a pro-Bitcoin treasury policy in December 2024. The company aims to use Bitcoin's high price value to elevate its financial value in the long term.
Bharwani, in a post on X, said the company board had approved a “Strategic Fund Raise” plan, proceeds from which would primarily be used to acquire Bitcoin tokens. As part of the plan, each of the 4,28,622 equity shares that Jetking will offer, will be priced Rs. 154 (Rs. 10 face value and Rs. 144 premium).
While the plan's main objective is Bitcoin investment, some portion of the collection will also be utilised to initiate Bitcoin-related educational, training, and skill development programmes in India.
Many from India's Web3 space lauded the company for taking a chance on Bitcoin, which is often seen as a risky asset due to volatility in the crypto market. CoinDCX co-founder Sumit Gupta commented on the development saying, “hopefully such initiatives inspire more Indian companies to learn about and explore Bitcoin and crypto.”
The company will start the process after obtaining shareholder and regulatory approvals.
In December 2024, Jetking leadership announced that it had added Bitcoin tokens worth 10 crore (around $1.2 million) to its balance sheets. The firm went ahead and finalised the decision despite India's lack of crypto clarity and the 30 percent tax rule.
Bitcoin is the oldest and the most expensive cryptocurrency in existence. Presently, it is trading at $83,577 (roughly Rs. 71.5 lakh). At its highest, Bitcoin price has exceeded the mark of $108,000 (roughly Rs. 92 lakh).
In recent months, Bitcoin accumulation has managed to attract the attention of several prominent personalities. Last month, US President Donald Trump established a strategic BTC reserve in the US for long-term holding.
In February, Jetking got a shoutout from American Bitcoin investor Michael Saylor, whose company MicroStrategy currently holds 5,28,185 Bitcoin tokens, as per data on on-chain analytics firm, Bitbo.
As per its official website, Jetking was founded in 1947 as an electronics firm. It shifted to IT training in 1990. It runs 100 IT training centres across India, training 35,000 students annually in blockchain, cybersecurity, and related fields. In the coming time, the company also aims to explore international collaboration on blockchain-related research and application work.
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