Indian IT Firm Jetking will raise funds for Bitcoin Reserve
Mumbai-based IT education company Jetking Infotrain Limited has announced plans to raise ₹6.6 crore ($793,000). The company will use the proceeds to increase its Bitcoin reserve and fund cryptocurrency-related initiatives. According to the information, the company plans to issue 428,622 equity shares at a price of ₹154 per share, with a face value of ₹10 and a premium of ₹144. The shares will be issued to promoter groups and certain non-promoters and will be subject to SEBI and companies laws.
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Jetking aims to increase Bitcoin reserve
According to the company's CFO Siddharth Bharwani, the amount raised will be used primarily to purchase Bitcoin. Along with this, the amount will also be spent for general corporate needs and BTC-focused education programs. Jetking adopted its "Bitcoin-Only" policy in late 2024 and has a reserve of about 14.77 BTC ($1.2 million) as of December 2024.
Jetking's history and move into crypto
Founded in 1947 as an electronics company, Jetking ventured into IT training in 1990. It trains 35,000 students each year in blockchain, cybersecurity and other related fields with 100 centers across India. In 2024, Jetking became India's first publicly listed company to add Bitcoin to its balance sheet. The company's stock rose by 20% after this move.
Jetking is representing India in Bitcoin Holdings
Recently a report was released according to which North Korea has become one of the World's largest Government Bitcoin Holders. North Korea, which has become the 3rd Largest Bitcoin Holder, now owns 13,562 BTC worth $1.14 billion. In this list, USA is first with 198,109 BTC worth $16.7 billion and UK is second with 61,245 BTC worth $5.17 billion. Jetking is the only public bitcoin holding in India, which has a holding of 14.77 BTC ($1.2 million).
Jetking Infotrain Limited's move to raise ₹6.6 crore is a significant initiative towards promoting investments in cryptocurrencies and strengthening its Bitcoin reserves. The company's "Bitcoin-Only" policy and crypto-based education programs are establishing it as a modern and technology driven company. Although this fund raise requires shareholder and regulatory approval, the move reflects the company's prowess and deep commitment to investing in crypto.