Jetking, once a prominent name in electronics manufacturing, is making a significant shift towards Bitcoin as part of its revival strategy. Following a decline in business during the COVID-19 pandemic, the company’s leadership explored various options to sustain its operations. CFO Siddarth Bharwani revealed in a recent interview that the decision to hold Bitcoin as a treasury asset has sparked interest from younger investors, which the firm aims to capitalize on.
Jetking plans to hold 210 Bitcoins by the end of 2025, despite the challenges posed by India's stringent 30% crypto profit tax. The company has adopted a 'Never Sell Bitcoin' strategy to avoid realizing taxable events, thus managing to preserve its financial position. Bharwani emphasized that any change in Bitcoin's value is reflected only as revaluation reserves.
In terms of compliance, Jetking is addressing concerns raised by the Reserve Bank of India regarding the potential for crypto misuse. The company ensures that all Bitcoin purchases are made through regulated exchanges, prioritizing transparency and compliance with existing regulations.
Looking ahead, Jetking hopes for more favorable crypto regulations in India. They advocate for a shift from the flat tax model to a graded capital gains tax, similar to treatments available for other financial assets. This approach could enable better asset management and greater clarity in the use of crypto as a treasury reserve.
Jetking plans to hold 210 Bitcoins by the end of 2025, despite the challenges posed by India's stringent 30% crypto profit tax. The company has adopted a 'Never Sell Bitcoin' strategy to avoid realizing taxable events, thus managing to preserve its financial position. Bharwani emphasized that any change in Bitcoin's value is reflected only as revaluation reserves.
In terms of compliance, Jetking is addressing concerns raised by the Reserve Bank of India regarding the potential for crypto misuse. The company ensures that all Bitcoin purchases are made through regulated exchanges, prioritizing transparency and compliance with existing regulations.
Looking ahead, Jetking hopes for more favorable crypto regulations in India. They advocate for a shift from the flat tax model to a graded capital gains tax, similar to treatments available for other financial assets. This approach could enable better asset management and greater clarity in the use of crypto as a treasury reserve.
