Public-listed Jetking, the first company in India to adopt Bitcoin treasury strategy, on Monday said it will buy more Bitcoin and expand its Bitcoin-focused initiatives. The firm currently holds 21 BTC worth nearly $3 million.
Jetking board approved a preferential equity issue up to $1.3 million (INR 11.50 crore) to further expand its Bitcoin treasury operations on July 21. The firm will raise funds from non-promoters in compliance with SEBI’s issue of capital and disclosure requirements (ICDR) regulations.
The company will issue 4,60,000 equity shares at $2.90 (INR 250) per share to raise funds for the acquisition of Bitcoin, general corporate purposes, and education, training and skill development in Bitcoin.
Siddarth Bharwani took to X to reach out to the crypto community about the plan to further boost its Bitcoin treasury. He added that the management remains the same and the shareholding structure may adjust, with the decision subject to shareholders and regulatory approval.
Furthermore, the board approved the re-appointment of Avinash Bharwani as chairman and director for another three years until August 2028.
Jetking stock price hit another 2% higher to INR 244.90 on Monday. The stock has rallied 41% in a month and 101% year-to-date, as per Yahoo Finance.
In April, Jetking board approved raising ₹6.6 crore by issuing 428,622 equity shares at ₹154 each. The allocations were set for the promoter group and a few chosen investors.
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