Jetking Infotrain becomes first Indian public company to hoard Bitcoin

77-year-old Indian IT training company Jetking Infotrain has become the first publicly traded business in India to adopt Bitcoin as part of its corporate treasury strategy.

The company announced the purchase of 12 Bitcoins (BTC) worth approximately $1.2 million, signaling a shift in Indian companies’ approach to digital assets.

With a market cap of $5 million and annual sales of $2 million, Jetking has designated Bitcoin as its Primary Treasury Reserve Asset. Companies around the world have begun adding Bitcoin to their balance sheets to diversify their assets and hedge against inflation.

Jetking Infotrain, a 77-year-old Indian company with a mkt limit of $5 million and annual sales of $2 million, became the first pubco in India to adopt the Bitcoin Treasury Strategy.

The micro headline says BTC will be the Primary Treasury Reserve Asset. pic.twitter.com/hMmPIvWgVQ

— matthew sigel heals CFA (@matthew_sigel) December 9, 2024

Bitcoin as a company’s strategic reserve

Jetking’s approach is in line with trends seen at firms such as MicroStrategy, which are using Bitcoin to increase 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, which have adopted Bitcoin treasury strategies, Indian businesses have approached this space with more caution.

In November, the Reserve Bank of India issued a warning about the rollout of a central bank digital currency, highlighting the need to fully understand its potential impacts. Lieutenant Governor T. Rabi Sankar acknowledged the promise of technology to boost cross-border payments and remittances but clarified that no specific timeline has been set for its implementation.