Crypto sleuth mocks Indian firm's Bitcoin plan — CFO claps back
Jetking is set to raise funds worth $772,300 (INR 66 million) to acquire Bitcoin, among other purposes, joint MD and CFO Siddarth Bharwani announced on X (formerly Twitter) on Apr. 2.
The company board has cleared issuing 428,622 equity shares, each priced at $1.8, on a preferential basis to the promoter group and select investors. The decision is subject to shareholder and regulatory approvals, added Bharwani.
Jetking, an Indian information technology (IT) training company, is the country's first public company to hold Bitcoin on its balance sheet. As per BitcoinTreasuries, it holds 14.77 BTC worth $1.2 million as of Apr. 2.
However, the company's modest market cap of $6.6 million had the prominent on-chain sleuth, who goes by the handle ZachXBT, mocking its Bitcoin acquisition plan. ZachXBT wrote on X that they 'might as well announce if low cap meme coins purchase Bitcoin if this is news.'
'The media making low quality announcements newsworthy or quoting flawed metrics is partly why people do not take this industry seriously,' added the sleuth.
Bharwani was quick to respond. He asked the skeptics to check the market cap of Strategy, formerly MicroStrategy, (Nasdaq: MSTR) and Metaplanet (TYO: 3350) when they began and asked them to wait for twelve months.
In fact, Bharwani's original post invited comments that compared Jetking's strategy to that of Strategy. Strategy chairman Michael Saylor himself has been keeping an eye on Jetking's Bitcoin strategy for quite some time.
As of Apr. 2, Strategy with Bitcoin holdings worth $45 billion and Metaplanet with Bitcoin holdings worth $359 million are the world's largest and ninth largest corporate holders of Bitcoin, respectively.
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