Bitcoin bet makes microcap stock double money in 3 months, hits upper circuit for 13th day
Jetking Infotrain
, a little-known Mumbai-based microcap firm, extended their gravity-defying rally on Thursday, rising 2% to hit the upper circuit for the 13th time this month. With Thursday's move, the stock has soared 135.7% in just over three months, driven almost entirely by a bold treasury pivot into Bitcoin.
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.
Explore courses from Top Institutes in
Select a Course Category
Artificial Intelligence
Data Science
Data Analytics
Digital Marketing
Healthcare
others
Degree
Management
Finance
MCA
Technology
Others
Project Management
Public Policy
Product Management
CXO
Data Science
Cybersecurity
MBA
Leadership
Operations Management
healthcare
Design Thinking
Skills you'll gain:
Duration:
7 Months
S P Jain Institute of Management and Research
CERT-SPJIMR Exec Cert Prog in AI for Biz India
Starts on
undefined
Get Details
Skills you'll gain:
Duration:
7 Months
S P Jain Institute of Management and Research
CERT-SPJIMR Exec Cert Prog in AI for Biz India
Starts on
undefined
Get Details
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.
Also read |
MobiKwik shares down 61% from peak, charts hint at upside till Rs 300. Should you buy?
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Fibre2Fashion
11 minutes ago
- Fibre2Fashion
Veolia grows US footprint with Chameleon Industries acquisition
Veolia, a leading integrated provider of environmental services in the U.S., announced that it has completed the acquisition of Chameleon Industries, a Texas-based producer of specialty chemicals. The company's circular economy technology uses byproducts from the semiconductor manufacturing process in its proprietary applications, reduces waste and creates beneficial products for industry. The acquisition will expand Veolia's leadership in providing innovative environmental solutions to advanced manufacturing and technology companies across North America. Veolia has acquired Texas-based Chameleon Industries, a specialty chemicals producer using circular economy technology to repurpose semiconductor byproducts. The move enhances Veolia's environmental solutions for advanced manufacturing. Chameleon's fit aligns with Veolia's Green Up plan, expanding services across 200+ U S sites and 2,300 employees. Chameleon operates four production facilities in Texas, Oregon and Arizona that recover byproducts of semiconductor manufacturing for beneficial reuse. This circular economic solution helps manufacturers reduce their environmental impact and improve efficiency. This focus aligns with Veolia's Green Up strategic plan. The company is dedicated to safety, product quality, environmental compliance and product stewardship throughout its supply chain. Bob Cappadona, President and Chief Executive Officer of Veolia North America's Environmental Solutions and Services business said: 'We are thrilled for Chameleon to join Veolia through this acquisition. As part of our Green Up strategy, adding this critical circular economy technology to our wide portfolio of environmental and infrastructure solutions helps expand our capabilities for customers and play an important role in the growth of America's technology sector. The team at Chameleon is a great strategic and cultural fit for our growing business in North America.' Jared Garza, Chief Executive Officer of Chameleon said: 'By joining Veolia's global network of chemical recovery and environmental service operations, Chameleon will be able to better serve our customers, grow our business for the long term and provide opportunities for our people. Veolia is already an established environmental leader in the microelectronics industry, and will allow us to bring our technology to a broader segment of the industry.' In the United States, Veolia provides a full range of waste management services, from collection to transportation to recycling and disposal. With this acquisition, the group will now employ more than 2,300 people at over 200 locations across the country, providing safe, customized services for large manufacturers in fields such as technology, healthcare and pharmaceutical and petro and agriculture chemicals. The business is also a hub of innovation to support environmental sustainability, developing pioneering solutions for the recycling and repurposing of a wide range of materials including wind energy blades and industrial solvents. Note: The headline, insights, and image of this press release may have been refined by the Fibre2Fashion staff; the rest of the content remains unchanged. ALCHEMPro News Desk (HU)
Deccan Herald
11 minutes ago
- Deccan Herald
Amagi Media Labs to raise Rs 1,020 crore; files DRHP with SEBI
Amagi proposes to utilise the net proceeds of the fresh issue towards investment in technology and cloud infrastructure (Rs 667 crore); funding inorganic growth through unidentified acquisitions and general corporate purposes.
Mint
11 minutes ago
- Mint
Is Burger King's much-awaited turnaround finally here?
Burgers find many takers in India, but Burger King's stock has not had much luck. Restaurant Brands Asia Ltd, the master franchisee for Burger King in India, has eroded almost 50% of investors' wealth since its public market debut in December 2020. RBA managed to shrink its losses in recent years, but investors remained unimpressed. Until this fiscal year. Since March, new life has been breathed into the counter. The RBA stock has rallied by more than 35% in just about 4 months. Is this a sucker's rally or a much-awaited turnaround? Breakeven around the corner? Restaurant Brands Asia sets up and operates Burger King restaurants in India, which drive almost 80% of the company's revenue. The rest comes from its subsidiary in Indonesia. As pent-up demand released following the pandemic, RBA saw revenue growth accelerate by almost 50% in FY22. But growth moderated over the next few years as a K-shaped recovery and high inflation muted demand. In FY25, RBA clocked less than 5% growth in revenue. But the company's margin trajectory continued to improve. Ebitda margin improved from merely 2.5% in FY21 to almost 11% by FY25, and its loss margin shrunk from -27% to -10%. Store expansion driving India business India's quick service restaurant (QSR) space is perceived as a goldmine. Almost 75% of India's dining market comprises QSR and casual dining restaurants. As India's middle class expands and disposable incomes rise, the QSR industry attracted several local and global players, including Burger King and McDonald's. RBA, which has exclusive rights in India to Burger King, the second-largest global burger brand, is well-placed to capitalize on these industry tailwinds. The company's store footprint in India expanded from just about 200 in FY19 to more than 500 in FY25, with its menu customized to appeal to Indian consumers' tastebuds. While intensifying competition amid patchy demand has kept same-store sales growth (SSSG) in check, store expansion has supported revenue growth. In FY25, dine-in traffic expanded 9% year-on-year thanks to RBA's attractive in-store offers and menu innovations. Still, SSSG grew at only 1%. But thanks to store-expansion at 13%, revenue expanded by 12%. Sequentially, SSSG and revenue-growth have been looking up. Margins paint a promising picture as well. Typically, when store expansion rather than SSSG drives revenue expansion, margins tend to suffer. But in the case of RBA, despite raw-material inflation, supply-chain efficiencies and operating leverage have picked up the slack. Ebitda margin expanded from 13.5% in FY24 to 14.7% in FY25, resulting in 22% ebitda growth in FY25. RBA is working on further improving its delivery profitability by optimizing pricing, cutting back on utility costs, and improving its delivery offerings. Indonesia business a drag RBA has the exclusive master franchisee for Burger King and Popeyes restaurants in Indonesia. But with consumer preferences shifting away from US-based brands, its Indonesia business has been struggling. RBA had to shut seven Indonesian stores in FY25. Revenue declined 10% year-on-year in the fourth quarter of FY25, continuing the cash-guzzling trend witnessed in the region since FY24. The company's -8.4% ebitda margin and -24.5% net profit margin dragged its consolidated profit after tax (PAT) margin to -9.6%. While the full fiscal year saw revenue shrink by 14% owing to a 6% decline in SSSG, the fourth quarter of FY25 saw green shoots emerging. Same-store sales growth increased 2% and average daily sales 5% over the same period last year. Coupled with store rationalization and rent renegotiation, restaurant operating margin for the region improved sequentially. Loss shrank from ₹7 crore in Q3 to ₹2.7 crore in Q4. RBA has been cutting costs by shutting non-performing stores in the region. It has no plans to expand in Indonesia as the management prioritises profitability. While there's still quite some way to go before the business turns profitable, two consecutive quarters of sequential improvement raise hopes. Falling behind peers To be sure, competition amid muted demand has eroded margins across the Indian quick-service restaurant space. Jubilant FoodWorks Ltd, which is the master franchisee for Domino's Pizza, Popeyes, and Dunkin Donuts in India and a few neighboring countries, has the highest PAT margin in the industry. But even that is less than 3%. Other QSR operators have near-zero or negative PAT margins. Thanks to the struggling Indonesia business, however, RBA has the worst PAT margin—at almost -10%. RBA's sub-5% revenue growth is also at the lower end of the industry. Jubilant sports the highest revenue-growth, followed by Devyani International Ltd (known for Pizza Hut, KFC, and Costa Coffee) and Sapphire Foods India Ltd (a franchisee for Yum! Brands). That said, all players except Jubilant reported a contraction in SSSG during FY25. Their valuations are largely in line with their growth, with faster-growing businesses valued higher. The only exception is Westlife Foodworld Ltd (master franchisee for McDonalds in West and South India), which appears overvalued. It trades at almost 5 times its sales despite growing at less than 6% per year with a meagre 0.4% PAT margin. RBA trades at less than 2 times its sales. Long way to go Store expansion and unit profitability are key factors to monitor. RBA plans to take its store footprint to 800 by FY29, expanding through new café-style stores in fast-growing tier 2 and tier 3 cities. As stores mature and cost efficiencies take effect, the management expects a recovery in margins. It has to be seen whether this plays out despite a focus on value products catering to price-sensitive customers. Intensifying competition can further complicate matters. Also, given that each new store opened in India takes up ₹2.7 crore, RBA's expansion plans can add on debt. With debt-funded expansion and persistent losses, the company's cash balance dwindled from ₹277 crore in FY22 to ₹33 crore in FY24, and its debt-to-equity expanded from 0.8x to 2.3x during the period. RBA had raised ₹500 crore through a qualified institutional placement of shares in March, which helped fill up its coffers and enthuse investors. But with promoter's stake in the business dropping to 11.3% over the years, further scope for equity dilution is limited. A lot hinges on whether growth comes at the cost of lower margins, or if volumes manage to make up for rising interest costs. A turnaround in the Indonesia business will be key. RBA's management indicated that profitability continued to improve in the first couple of months in Q1 FY26. It expects to save ₹45 crore in general and administrative expenses in its Indonesia business in FY26. If the company manages to keep its topline at current levels, its loss margin would shrink from -25% to -17%. If these pieces fall into place, there is scope for a rerating. RBA's Q1 FY26 numbers are due to be announced on 8 August. Brokers had pegged the stock's target price at ₹135 per share, reflecting an upside of 65% over current levels. RBA shares were trading at ₹81.23 apiece on Tuesday morning (28 July) on NSE, 0.58% down. Ananya Roy is the founder of Credibull Capital, a Sebi-registered investment adviser. X: @ananyaroycfa Disclosure: The author holds shares of some of the companies discussed. The views expressed are for informational purposes only and should not be considered investment advice. Readers are encouraged to conduct their own research and consult a financial professional before making any investment decisions.
