Mumbai-based company Jetking Infotrain Limited has announced plans to raise ₹6.6 crore ($793,000) to expand its Bitcoin holdings despite cautious regulation in India.
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. The primary goals of this capital raise are to fund Bitcoin purchases and BTC-focused education programs.
Jetking's Journey from Electronics to Bitcoin
Founded in 1947, Jetking initially focused on electronics manufacturing but pivoted to IT training in 1990. Today, the company operates 100 centers across India and trains around 35,000 students annually. In December 2024, Jetking became the first public company in India to add Bitcoin to its balance sheet, resulting in a 20% stock price surge.
Criticism and Skepticism
Not everyone is convinced of the significance of Jetking's Bitcoin investment. Prominent analyst ZachXBT questioned whether a company with a $6.6 million market cap investing in Bitcoin is newsworthy. In response, Jetking's CFO Siddarth Bharwani urged skeptics to compare Jetking's early stages with MicroStrategy's and to 'wait for twelve months' before making judgments.
The proposed share issuance still requires shareholder and regulatory approvals. However, the CFO hinted at 'bigger things coming', suggesting that this might just be the beginning of Jetking's deeper involvement in cryptocurrency.
