
The journey to become India’s MicroStrategy starts with 12 BTC
Jetking Infotrain unveiled that it has become the first publicly listed Indian firm to adopt Bitcoin as a reserve asset.
Chairman of Jetking Infotrain shares his company’s Bitcoin reserve strategy. (Max Keiser)
Talking to Bitcoin proponent Max Keiser in a Dec. 9 X post, the company’s chairman Avinash Barwani said his firm now holds 12 BTC.
“The whole idea is to get Bitcoin on the balance sheet for enterprises and make sure that we have equity and Bitcoin in place so that over a period of time, the value of the company increases and the shareholders get their value,” Barwani said.
Barwani describes his company as a “very small” firm. Its company’s stock price has jumped more than 60% since Keiser’s video, raising its market capitalization to around $7 million.
According to the company’s treasury reserve policy for the 2024-25 financial year approved by its board on Nov. 12, Jetking intends to hold the majority of its treasury reserve in Bitcoin, while maintaining 15% of cash reserves for working capital. Bitcoin may be liquidated to meet their day-to-day needs.
The Indian firm joins the growing list of Asian firms placing their future in the hands of Bitcoin, a strategy popularized by Bitcoin fanatic Michael Saylor and his firm MicroStrategy.
Japan’s Metaplanet has been given the “Asian MicroStrategy” nickname for its aggressive Bitcoin accumulation that raised over 1,100 BTC. But Hong Kong’s Booya Interactive has even more in its stash, with 3,183 Bitcoin.
Meanwhile, China’s own “MicroStrategy,” Meitu, cashed in on its $100 million crypto investment recently to bag $80 million in profits. Meitu first invested in Bitcoin and Ether in 2021.
Critics have criticized Saylor’s all-in on Bitcoin tactic as risky and reckless, while some Bitcoin maxis see it as a long-term fail-proof strategy.
Jetking Infotrain’s value has climbed since announcing its Bitcoin strategy. (Bombay Stock…
..