Jetking Infotrain, a renowned Indian company, made headlines as the first publicly traded company in India to add Bitcoin (BTC) to its treasury reserves. The company purchased 12 BTC on December 9, marking a significant milestone in the adoption of cryptocurrency in the corporate world. At the current price of $97,986.35 per BTC, Jetking Infotrain’s Bitcoin reserve is valued at approximately $1.2 million. This represents over 26% of the company’s market cap, which is nearly $4.5 million according to Google Finance data.
In a recent interview with Bitcoin advocate Max Keiser at the Bitcoin Conference MENA in Abu Dhabi, Jetking Infotrain CEO Avinash Bharwani shared his vision of integrating equities and BTC in the company’s treasury to enhance long-term value. Bharwani expressed the importance of engaging with regulators to formalize this strategic move and ensure compliance with regulatory frameworks.
Jetking Infotrain, originally established in 1947 as Jetking Electronics, has evolved from trading electronic goods to becoming a publicly listed company on the Bombay Stock Exchange in 1986. The company’s financial performance has been impressive, with a profit of $366,520 in the first quarter and significant growth in operating income both quarterly and annually, as reported by Livemint.
This groundbreaking decision by Jetking Infotrain coincides with other significant developments in the crypto space, including MicroStrategy’s acquisition of additional BTC and Riot Platforms’ plan to raise $500 million for BTC purchases. The involvement of prominent crypto lawyer Suril Desai in Jetking Infotrain’s regulatory discussions underscores the company’s commitment to navigating the legal landscape effectively.
Desai’s previous involvement in advocating for crypto-friendly regulations in India, such as challenging the RBI’s ban on banks facilitating crypto transactions, has paved the way for greater acceptance of Bitcoin and blockchain technology in the country. Bharwani emphasized the importance of these regulatory developments in enabling businesses to hold Bitcoin on their balance sheets legally, while acknowledging the ongoing challenges in tax reporting, with a tax rate of 30% on Bitcoin gains in India.
As Jetking Infotrain sets a precedent for Indian companies embracing Bitcoin as a treasury asset, the industry is witnessing a paradigm shift towards mainstream adoption of cryptocurrencies. With a proactive approach to regulatory compliance and a strategic vision for leveraging digital assets, Jetking Infotrain is poised to lead the way in integrating traditional finance with the new era of decentralized finance.