• Jetking to expand its Bitcoin reserves through a dedicated fundraising initiative.
• The company holds 12 BTC, worth over 26% of its market capitalization.
• Legal expert Suril Desai leads regulatory talks to formalize Jetking’s crypto treasury approach.
Indian public firm Jetking Infotrain has announced a plan to raise funds to purchase additional Bitcoin. This marks the company’s latest move to deepen its commitment to digital assets. The announcement by Bitcoin Magazine follows a strategic decision to expand its treasury holdings, already including Bitcoin. The fundraising initiative will support Jetking’s plan to acquire more BTC in the coming months. The firm’s market cap stands at nearly $4.5 million.
Bitcoin Acquisition Plan in Motion
Jetking confirmed the raise move is directly aimed at purchasing more Bitcoin for its reserves. The effort aligns with its earlier shift in treasury strategy. The company first entered Bitcoin in December 2023 with a purchase of 12 BTC. The BTC was bought at an average price of $97,986.35, placing its current value at approximately $1.2 million.
This initial move accounted for over 26% of the company’s market cap at the time. Jetking’s management described a long-term mix of BTC and equities for its treasury approach. This combination is aimed at creating more stability and asset diversity.
Regulatory Conversations and Legal Input
To ensure regulatory compliance, Jetking is holding talks with Indian authorities. Crypto lawyer Suril Desai is reportedly leading the discussions. Desai also assisted Indian exchange Unocoin in its legal challenge against the Reserve Bank of India (RBI). That case resulted in the Supreme Court lifting the banking ban on crypto services.
Desai’s role in Jetking’s plan focuses on navigating local laws as the firm expands its crypto reserves. The CEO, Avinash Bharwani, confirmed that Jetking is formalizing its strategy through consultations.
Jetking recorded a $366,520 profit in the first quarter. The company also reported a 39% rise in operating income over quarters. The firm went public in 1986 and started in electronics trading in 1947.
