Major Indian Firm Interested in BTC Treasury: Jetking CFO

Key Highlights

• Jetking’s Joint Managing Director and CFO revealed that many Indian companies are planning to acquire BTC as treasury assets
• The company currently owns 21 BTC and is planning to acquire 18,000 BTC by 2030.
• However, India currently has no clear regulatory framework for the cryptocurrency sector

Siddarth Bharwani, Joint Managing Director and CFO of Jetking Infotrain, revealed that a major Indian company has shown deep interest in adopting a Bitcoin strategy for its treasury.

In an interview, Jetking Infotrain, a 77-year-old name in IT education, is going all-in on Bitcoin. The company is gradually increasing its treasury by acquiring the world’s most famous cryptocurrency over traditional cash.

Under the leadership of Siddarth Bharwani, the company’s Joint Managing Director, Jetking has established itself as India’s first publicly-listed pioneer of the “Bitcoin Standard.”

Jetking Joins Bandwagon of Bitcoin Treasury Strategy

Jetking’s journey into Bitcoin started quietly in December 2024. The company made a big decision to designate Bitcoin as its primary reserve asset. 

Simply put, instead of parking all its extra money in bank accounts or traditional investments, it would convert a significant portion into Bitcoin.

To complete this initiative and buy Bitcoin, Jetking turned to its investors. In April of this year, the company raised ₹6.6 crore (approximately $793,000) by issuing new shares. By July, they approved an even larger fundraiser of ₹11.5 crore ($1.34 million) for the same purpose. 

While this amount is comparatively small to goliath Bitcoin holding companies like Strategy, the company grabbed headlines in the Indian media to start a wave of Bitcoin treasury in India.

From an initial purchase of 12 Bitcoin, their holdings have grown. As of recent reports, the company holds 21 Bitcoin, valued at over $2.30 million at the current market price, according to BitcoinTreasuries.Net. For a company with a market value of around ₹176 crore, this means over a quarter of its value is now tied to the volatile digital asset.

On his social media profile, Siddharth proudly announced Jetking’s position as India’s first listed company to adopt a Bitcoin reserve strategy. He also wants to hold 210 Bitcoin by the end of 2025 and a massive 18,000 Bitcoin by 2030.

Amid the regulatory ambiguity around the cryptocurrency sector in India, the company is also facing challenges to expand its reserve. The Bombay Stock Exchange (BSE) recently raised concerns, rejecting one of Jetking’s proposals to issue new shares specifically for crypto investments. However, the company is challenging this decision and has shown a stance to fight back.

Indian Ruling Party Minister Proposed Bitcoin Reserve

The country’s ruling party, the BJP, has started a national conversation about a possible strategic Bitcoin reserve. A party spokesperson recently pointed to the United States, which, under President Trum,p built a multi-billion dollar Bitcoin reserve, and to Bhutan, India’s neighbor, as examples to consider.

Bhutan’s story is particularly compelling. The small, carbon-negative kingdom has been using its excess hydropower to mine Bitcoin for years. Its holdings are now around 11,286 BTC, which is around $1.24 billion, equivalent to nearly 40% of its GDP.

This sum is a huge chunk of its entire national economy. This “green mining” has funded public services and created jobs, which offers a powerful model for other nations.

Indian Company Acquires Bitcoin Strategic Reserve

A well-known Indian company is betting that Bitcoin is a safer store of value for the future than the Indian Rupee sitting in a bank. They are inspired by global giants like Michael Saylor’s Strategy in the US, which has seen its value skyrocket after buying billions in Bitcoin. However, Regulatory roadblocks remain. It has become India’s most high-profile test case for corporate Bitcoin adoption.

India currently has no clear regulatory framework for the cryptocurrency sector. This ambiguity and a stringent 30% tax, 1% TDS, and 18% GST on platform fees create hurdles for public companies like Jetking acquiring Bitcoin. 

Furthermore, the RBI’s cautious stance and the BSE’s rejection of crypto-related listings add compliance risks. This potentially affects firms negatively despite growing political support for strategic Bitcoin reserves.