Jetking, an Indian company with over 70 years of history, is making a bold move towards cryptocurrency by embracing Bitcoin.
Jetking's Business Transformation
Jetking, originally known for manufacturing radios and televisions, has faced significant challenges in recent years. The COVID-19 pandemic severely impacted their business, leading to the closure of 200 centers across the country. In search of a way out, the leadership decided to transform into a Bitcoin-centric company.
Bitcoin Handling Strategy
The company aims to hold Bitcoin as a treasury asset. CFO Siddarth Bharwani stated in an interview that the decision to hold Bitcoin has both symbolic and financial implications. Jetking plans to hold 210 Bitcoins by the end of 2025. As part of their strategy, they adhere to a 'Never Sell Bitcoin' principle, thus avoiding taxation on capital gains.
Expectations for Crypto Regulation in India
Despite India's strict 30% tax on crypto profits, Jetking hopes for fairer regulations. The company supports government oversight but suggests a shift from a flat 30% tax to a graded capital gains model based on the holding period of assets.
Jetking is showcasing how to adapt to modern challenges while paving the way for other companies in India seeking to integrate cryptocurrency into their business models.
