Jetking’s shares were trading at a fresh 52-week high of Rs 235.40 on Thursday, more than doubling from Rs 99.89 on April 11. The year-to-date gain now stands at 104.2%, while the 12-month return is an eye-popping 309.4%, catapulting the company’s market capitalisation to Rs 139.06 crore.
At the heart of this rally is the company’s high-conviction bet on Bitcoin, which has itself rallied more than 42% since April. On Thursday, Bitcoin was trading at $118,631.29. Jetking holds 21 Bitcoins on its books, now valued at around Rs 21.40 crore—equivalent to over 15% of its market cap.
A crypto pivot in a cautious market Jetking first signaled its shift towards digital assets late last year when it adopted Bitcoin as its primary treasury reserve asset. In a country where listed firms typically avoid cryptocurrency exposure, Jetking’s move stood out.
Earlier this year, the company raised Rs 6.10 crore through a preferential allotment of 3.96 lakh shares at Rs 154 each. While it did not disclose the identity of the investors, Jetking confirmed that it had deployed the entire proceeds—along with a portion of its internal accruals—towards acquiring Bitcoin.
By March 31, the company held 15.02 Bitcoins. That number rose to 21 by May 28, purchased at an average price of Rs 64.65 lakh apiece. The current value of these holdings has ballooned thanks to Bitcoin’s sharp rally, now representing a sizeable chunk of Jetking’s overall market capitalisation.Fundamentals take a back seat The company’s core business—IT hardware training—has seen only modest growth. For the March 2025 quarter, Jetking reported net sales of Rs 5.4 crore, up from Rs 4.4 crore a year earlier. However, the bottom line remains in the red, with a net loss of Rs 1.3 crore, compared to a Rs 0.6 crore loss in March 2024.Despite these fundamentals, the stock has become a trader favourite, often moving in daily circuits. Throughout May and into July, Jetking’s shares have mostly hit 2% upper circuits, with only a handful of sessions seeing any downside.
A Tesla-style treasury play Jetking’s Bitcoin strategy evokes comparisons with U.S. tech firms like Tesla, which have famously diversified into crypto. But in India’s tightly regulated, crypto-wary environment, such a move remains highly unusual—especially for a company of Jetking’s size.
By leveraging its balance sheet to gain exposure to Bitcoin, Jetking has delivered outsized returns to its investors, even as its core business remains modest. Whether this rally sustains will now depend as much on crypto market sentiment as on company fundamentals.
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