Jetking Infotrain becomes first Indian public company to hoard Bitcoin
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Jetking Infotrain, a 77-year-old Indian IT training company, has become the first publicly listed business in India to adopt Bitcoin as part of its corporate treasury strategy. The company announced the purchase of 12 Bitcoin (BTC), valued at approximately $1.2 million, signaling a shift in how Indian companies approach digital assets. Jetking, with a $5 million market cap and $2 million in annual sales, has designated Bitcoin as its Primary Treasury Reserve Asset. Companies worldwide have started adding Bitcoin to their balance sheets to diversify their assets and hedge against inflation. Jetking Infotrain, a 77-year-old Indian company with a $5M mkt cap & $2M in annual sales, has become the first pubco in India to adopt the Bitcoin Treasury Strategy. The microcap says that BTC will be the Primary Treasury Reserve Asset. pic.twitter.com/hMmPIvWgVQ — matthew sigel, recovering CFA (@matthew_sigel) December 9, 2024 Bitcoin as a company strategic reserve Jetking’s approach aligns with trends seen at firms like MicroStrategy, which are using Bitcoin to enhance their treasury diversification in response to changing economic conditions. In the announcement, Jetking emphasized its intention for Bitcoin to serve as the company’s primary reserve asset. Jetking’s decision could pave the way for other companies in India. Unlike some global firms such as MicroStrategy, Tesla, and Coinbase that have embraced Bitcoin treasury strategies, Indian businesses have approached this area with more caution. In November, the Reserve Bank of India issued a caution regarding the rollout of its central bank digital currency, emphasizing the need to fully understand its potential impacts. Deputy Governor T. Rabi Sankar acknowledged the technology’s promise to enhance cross-border payments and remittances but clarified that no specific timeline has been established for its implementation. Source: https://crypto.news/jetking-infotrain-becomes-first-indian-public-company-to-hoard-bitcoin/
Filed under: News - @ December 10, 2024 12:21 am