It’s not every day you hear about a 77-year-old Indian business shifting gears to embrace Bitcoin. But that’s exactly what Jetking, a name once known for making radios and televisions in India, has done.
The company, which later moved into IT education, faced tough times during the COVID-19 pandemic. As the world shut down, Jetking’s 200 centers across India saw business dry up. Forced to rethink their future, the leadership explored around 15 different ideas to revive the company.
In the end, they made a big move: to transform into a Bitcoin-centric company.
In an interview with Coinpedia, CFO Siddarth Bharwani said, “Jetking’s decision to hold Bitcoin as a treasury asset has had both symbolic and financial implications, The move sparked interest from a new class of investors, particularly younger or tech-savvy retail investors.” The company is aiming to hold 210 Bitcoins by the end of 2025.
India’s strict 30% tax on crypto profits hasn’t made things easy. But Jetking has taken a different route.
“We follow a ‘Never Sell Bitcoin’ strategy,” Bharwani explained. This means the company doesn’t realize profits on its Bitcoin holdings, avoiding taxable events. Any changes in value are simply noted as revaluation reserves in the financial reports.
The Reserve Bank of India (RBI) has repeatedly raised concerns about crypto being used for illegal cross-border transfers, like hawala. Jetking says it takes these worries seriously and uses a compliance-first approach.
All Bitcoin is bought via regulated, FIU-registered exchanges and stored with institutional-grade custodians that follow KYC and AML checks.
As India works on a formal set of crypto rules, Jetking hopes for fairer regulations. The company supports government oversight but wants a shift from the flat 30% tax to a graded capital gains model based on how long crypto is held.
“We expect shift from a flat 30% tax on gains to a graded capital gains tax model based on holding period. Enable carry-forward and offset of losses, as is the case with other financial assets and GST exemption or clarity when crypto is used purely as a treasury reserve, not as payment or service,” they said.
XRP is making headlines again as whispers of a potential ETF approval ripple through Wall…
While most presales slow down before hitting momentum, Mutuum Finance (MUTM) is doing the opposite—accelerating.…
The XLM price has made a strong comeback in July, as the crypto registered a…
Ripple’s native token, XRP, has just climbed to the third spot in the global crypto…
Binance co-founder and former CEO Changpeng “CZ” Zhao is threatening legal action against Bloomberg over…
On Friday, the top Democrat on the House Financial Committee, Congresswoman Maxine Waters, declared that…
