Jetking Infotrain Ltd, an Indian IT training company that adopted Bitcoin (BTC) as its primary treasury reserve asset, will hold its 42nd annual general meeting (AGM) on Tuesday, September 29, 2026, at 11:30 a.m. Indian Standard Time (IST) through video conference. It will be the company’s first AGM since the Securities Appellate Tribunal (SAT), the body that hears appeals against orders of India’s market regulator and stock exchanges, ruled that the shares used to fund its last disclosed Bitcoin purchases cannot be listed.
The company confirmed the meeting in its AGM notice and filed a book closure intimation with BSE Ltd, formerly the Bombay Stock Exchange, on September 18, 2026. The published agenda covers adoption of the accounts for financial year 2025–26 (FY26) and a second five-year term for statutory auditor PYS & Co LLP. It does not include a resolution on the company’s Bitcoin policy.
Shares Issued, Bitcoin Bought, Listing Refused
On May 23, 2025, Jetking allotted 3,96,156 equity shares at ₹154 each through a preferential issue, raising about ₹6.1 crore (₹61 million). BSE had granted in-principle approval for the issue on May 9, 2025. The company used the proceeds, along with existing cash, to buy Bitcoin through CoinDCX, an Indian crypto exchange, and applied for listing of the new shares on June 10, 2025.
BSE returned the listing application on September 23, 2025. The exchange said Jetking had deployed the proceeds into virtual digital assets (VDAs), the term Indian law uses for crypto assets, before amending the objects clause of its constitutional documents to permit such investments. BSE also described VDA investments as speculative and said the area remained under policy review. Crypto Times reported on the BSE decision at the time.
Jetking appealed to the SAT on October 9, 2025. The tribunal dismissed the appeal on May 8, 2026, without imposing a fine or costs, a ruling Crypto Times covered in May. The result is that existing shareholders were diluted by the issue, while the new shares still cannot trade on the exchange.
“Evaluating the Implications”
Four months after the order, the company’s public position has not changed. In its results filing dated August 6, 2026, Jetking repeated that the shares “cannot be listed on BSE at this stage” and that the company “is evaluating the implications of the order.” The same filing said the matter had no material impact on the quarter ended June 30, 2026.
The company has not said publicly whether it plans further legal steps, a different route for the shares, or any other remedy.
A New UAE Subsidiary With Crypto in Its Objects
The AGM is also the first shareholder meeting since Jetking set up an overseas entity whose stated objects include crypto activity. On November 6, 2025, its board approved a wholly owned subsidiary in the United Arab Emirates (UAE). The approved objects covered training as well as “holding, acquiring, buying, selling, trading, staking, transferring, and dealing in virtual digital assets.”
Jetking informed BSE on June 11, 2026, that the subsidiary, named Jetking Limited, had been incorporated in the UAE. According to the August 6 filing, the unit had not commenced operations as of June 30, 2026, and was excluded from the consolidated results for that quarter. The same board meeting approved a separate wholly owned subsidiary in Singapore for education and skills training, and raised the rupee limit on the UAE investment to account for exchange rate movements.
The filings do not state that the UAE entity will be used to buy Bitcoin. It is, however, the first company structure Jetking has created since the SAT ruling that includes VDA activity in its objects. The public AGM materials do not include an operating update on it.
Where the Bitcoin Count Stands
Public tracker Bitcoin Treasuries lists Jetking with 21 BTC, based on a last dated figure of May 28, 2025, at a cost basis of about $1.59 million, or roughly $75,801 per coin. Jetking posted higher figures on its official X account during 2025, including a September 10, 2025, update that put holdings at 23.43 BTC as of the end of August 2025. Those social media posts are not statutory disclosures, and no new BSE filing ahead of the AGM updates the official count.
The company’s accounts indicate the holdings remain on its books. For the quarter ended June 30, 2026, Jetking reported a standalone loss of ₹133.55 lakh (₹13.36 million) on revenue from operations of ₹532.28 lakh (₹53.23 million), according to the results filing.
Other comprehensive income (OCI), which records certain valuation changes outside the profit and loss statement, included a ₹11.47 lakh remeasurement of virtual digital assets.
For the full year, the FY26 annual report shows the company moved from a profit of ₹3.43 crore in FY25 to a loss of ₹1.34 crore in FY26. IT training remains Jetking’s operating business.
The stock last traded near ₹126 on BSE, giving a market capitalisation of about ₹79 crore, against a 52-week range of ₹90.55 to ₹266.95. Promoter holding stood at 46.39% as of June 2026, down from above 50% before the treasury share issue.
The Strategy Template Without the Funding Channel
Siddarth Bharwani, who has served as the public voice of Jetking’s Bitcoin policy, has said the approach is modelled on Strategy Inc, the Nasdaq-listed company formerly known as MicroStrategy, and its executive chairman Michael Saylor. The principles he has described include holding Bitcoin as the primary reserve, buying without trying to time the market, not selling, and issuing equity when possible. Saylor shared a Jetking interview in February 2025, which Crypto Times reported at the time.
Bharwani repeated the comparison at a “Bitcoin for Corporations” event in Las Vegas on February 22, 2026, where he restated targets of 210 BTC by the end of 2026 and 18,000 BTC by 2030. The long-range goal has shifted over time; in August 2025, Crypto Times reported a target of 21,000 BTC by 2032. The FY25 annual report had set a target of 210 BTC by the end of FY26, to be funded through operating cash and capital markets. FY26 ended on March 31, 2026, and public trackers do not show holdings near that level.
The difference with Strategy lies in funding. Strategy raises capital through share sales, convertible notes, and preferred stock. Jetking’s only listed-equity raise for Bitcoin remains unlisted. India also taxes gains on VDA transfers at a flat 30%, which gives the company’s stated no-sale policy a tax dimension alongside its strategic one.
What the Meeting Can and Cannot Settle
Shareholders at the AGM can ask whether the 210 BTC target for 2026 still stands, what “evaluating the implications” means for the 3,96,156 unlisted shares, and whether future purchases, if any, will be funded from operating surplus, property sales Bharwani has mentioned in earlier interviews, or the UAE subsidiary.
The meeting cannot change the listing status of the shares, which the SAT ruling has already decided. Jetking remains the only BSE-listed company shown on public Bitcoin treasury trackers, following a model that depends on raising equity at a time when its own equity route for Bitcoin purchases is on hold.
Also Read: Michael Saylor’s Strategy Buys 950 BTC; Now Holds 846K Bitcoin
